UAE's Damac secures £175 million in bank finance for Versace branded tower in London

Dubai: The abroad arm of Damac has verified £175 million (Dh840.43 million) to support its private 50-story venture in London. These assets were raised from three loan specialists, including Barclays Bank, which went about as the UK lead bank, Burgan Bank, and Emirates NBD. 

The engineer has likewise put in value into the "Damac Tower'" venture, which has not been uncovered. "Damac Tower keeps on collecting solid enthusiasm from clients looking for premium marked land in a standout amongst the most attractive locations on the planet," said Hussain Sajwani, Chairman. "Its prosperity has urged us to look for the following speculation opportunity in London, which we are right now occupied with itemized talk to verify." 

"Damac has had the capacity to accomplish near 55 percent in private pre-deals, in what has been considered as trying economic situations, with a critical advancement financing bundle in the UK," said Raashed Amin, CEO, Emirates NBD Bank, London Branch. 

Damac Tower at Nine Elms will be the first in Europe to be structured in association with Italian style house, Versace Home.