London: Bank of London and The Middle East plc (‘BLME’) has completed an £8.2m deal with Euroglade and Diallo Holdings Ltd, for properties in two of London’s most exclusive postcodes, on behalf of a client based in the United Arab Emirates.

The 26 apartments are split across two residential assets in Bayswater and Pimlico, including a property in Kensington Gardens Square, which is the oldest square in Kensington and boasts former residents such as John Stuart Mill and Charles Darwin’s daughter Henrietta Litchfield.

The facility has been agreed for a term of five years, demonstrating continued appetite from GCC investors in prime assets, and is a vote of confidence in London’s living sector.

Jahid Miah, Manager, Real Estate Finance, BLME, said:

“This transaction demonstrates that GCC investor interest in Prime Central London is flourishing. BLME’s recent report, Opening the Door, revealed that GCC investors are looking to deploy their capital in the UK, and particularly Prime Central London, now that base rates are starting to fall. This once-in-a-decade economic realignment is leading to an increased deployment of capital, which we estimate could grow to over $4bn annually. We were delighted to complete this facility, and we look forward to working with the client again in the near future.”

About Bank of London and The Middle East plc:

BLME is a Sharia’a compliant bank based in London. Led by a management team that brings together a combination of experienced international bankers and leading experts in Islamic finance, BLME’s key business areas include: Wealth Management solutions, Mortgages, Commercial Real Estate Finance, and savings products. 

BLME is authorised by the PRA and regulated by the FCA and PRA. For more information, please visit our website www.blme.com

Read BLME’s research report on GCC investment in UK commercial property here: BLME: Opening the Door

Contact:
Emily Mahon, blme@luther.co.uk