JR Capital secures £20m pre planning Islamic Development Facility
7 to 12 Leinster Square, London W2
JR Capital has agreed a £20m Islamic funding package with Arab Banking Corporation London www.arabbanking.com to develop 7 to 12 Leinster Square into high end residential apartments.
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. The new facility will release equity to the investors and fund the development through to completion in 2015.
Arab Banking Corporation provided a ‘pre planning’ loan facility which is rare and testament to the quality of the property, development team and the investors who are supporting the deal.
Leinster Square is located within the Queensway and Westbourne Grove streetscape improvement zone www.westminstertransportationservices.co.uk/projects/project_details.php?id=276 where Westminster City Council together with local businesses have committed to spend over £1m on improvements to public areas.