ADIB’s UK debut £20m ISLAMIC Development Facility
Westbourne House, 14 to 16 Westbourne Grove, London W2
JR Capital has secured a £20m Islamic finance package with Abu Dhabi Islamic Bank http://www.adib.ae to develop Westbourne House into high end residential apartments. It will be ADIB’s first development financing deal in the UK.
The property was acquired in cash in 2012 by JR Capital on behalf of its client’s Qatar First Bank www.qfb.com.qa and a consortium of other Middle Eastern investors. It is also Qatar First Bank’s first property development deal in the UK.
Planning permission was granted in April 2013 by Westminster City Council to redevelop the existing 35,000 sq ft office building into 20 luxury apartments with a new 7th floor penthouse, car parking in the basement and lower ground floor and a new retail unit adjacent to the existing Banking Hall on the ground floor. The new facility will release equity to the investors and fund the development through to completion in 2015.
Westbourne House is located within the Queensway and Westbourne Grove streetscape improvement zone where Westminster City Council together with local businesses have committed to spend over £1m on improvements to public areas.