250m Shari’ah-compliant finance for development near Regent’s Park

250m Shari’ah-compliant finance for development near Regent’s Park

Bank ABC is the sole arranger, investment agent and security trustee for a facility that will be used to fund the redevelopment at Regent’s Crescent, a landmark prime residential scheme consisting of 67 apartments and nine mews houses in Marylebone, central London, on the edge of London’s Regents Park.

Bank ABC in London has successfully arranged and closed a GBP 250 million senior residential development facility for a consortium o institutional and high net worth investors from the Gulf and Europe.

Bank ABC is the sole arranger, investment agent and security trustee for a facility that will be used to fund the redevelopment at Regent’s Crescent, a landmark prime residential scheme consisting of 67 apartments and nine mews houses in Marylebone, central London, on the edge of London’s Regents Park.

“The project at Regent’s Crescent is a high profile development of an iconic listed property. Bank ABC has played a key role in the project since it was first conceived, having funded the original site acquisition and then by arranging the senior development finance of GBP £250m. On behalf of Bank ABC I convey the Group’s pride in financing such a prestigious development.  I would like to express my gratitude to Faisal Alshowaikh, Group Head of Real Estate Finance, and his team for providing the expertise and hard work to finalise this outstanding achievement,” Paul Jennings, Managing Director & Chief Executive Officer commented.

Bank ABC arranged and led the senior financing of GBP 250 million which includes participation from four other London based banks. In addition to this, the financing package also includes over GBP 100 million of subordinated mezzanine finance with Bank ABC playing the lead role in ensuring that the structure of the mezzanine funding was acceptable to the senior financiers

Jonathan Robinson, Bank ABC’s Group Head of Wholesale Banking, added “The facility is a momentous transaction for the Bank, it is one of the most significant Shari’ah compliant residential development facilities financed in London. Bank ABC has once again demonstrated its capability and expertise in closing large complex real estate facilities in a challenging market.”

The development works involve the demolition and reconstruction of the iconic John Nash designed Grade I listed Regent’s Crescent. Once completed, this ‘Best in Class’ luxury scheme will have a sales value forecast to be in excess of GBP 500 million. The redevelopment works are scheduled to complete in 2020.

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