5 Q1 2022 BUILD Monday 31st January 2022 – Gulf Islamic Investments Group (“GII”), a leading financial services powerhouse based in the United Arab Emirates has agreed an £82 million funding package led by London Wall Lending to finance the construction of its latest prime residential development on the site of the former Chelsea Police Station, London. The luxury residential development located at 2 Lucan Place, advised and developed by GII, will comprise a seven-storey residence up to 31 residential units and two commercial units. It is due for completion in the first quarter of 2024. Mohammed Al Hassan, founding partner and co-CEO of GII said: “This latest development is a key milestone for us in the growth of our UK business. Residential development is a key priority for us and we are aggressively looking for lucrative opportunities and partnerships in this segment in and around London.” Pankaj Gupta, founding partner and co-CEO of GII added: “With our local presence in the UK, we see a promising future for London’s prime property market. We expect the easing of international travel restrictions and pent-up demand from affluent foreign buyers to drive significant growth.” GII’s development arm GRID Properties will manage the development of 2 Lucan Place, which will offer residents the highest standards in quality and amenity, including a gym, concierge and valet parking. This is GII’s second venture in the London real estate development market. GRID is also currently advising on the Elie Saab Residences, Hyde Park. The funding of the £82 million residential development loan was led by London Wall, a leading alternate real estate debt provider. This latest transaction further strengthens London Wall’s presence in the capital, following its recent £34.4 million funding to Dandi to develop 160 new residential units in Brent at the end of 2021. Ned El-Imad, Partner at London Wall Lending, said: “The prime central London residential market continues to offer excellent opportunities for investors, despite some headwinds caused by Brexit and the pandemic. We are still seeing strong appetite for opportunities here and are encouraged by this latest transaction, which reaffirms international commitment to the UK. This deal also marks an exciting moment for London Wall Lending, representing our largest deal to date following a number of other development loans at the end of last year across the country.” GII Boosts London’s Luxury Prime Property Market with £82 Million Funding from London Wall Lending “I am thrilled to have been given the opportunity to progress within the company and take on the extra responsibility required as an Associate so early on in my career,” said James. “It clearly demonstrates the trust Edward has in his team and ambitious nature of the company. I obviously jumped at the opportunity and look forward to hitting the ground running in 2022 and onwards to bigger and better things.” And Steve Clayton said: “The more we succeed in our roles, the more the business will succeed. Ed’s commitment to promoting from within wherever possible not only engenders loyalty from the team but is also great for our clients as it provides continuity and clearly demonstrates how ambitious we are.” To find out more about jobs available and services provided by the Acres Group, please visit www.acresarchitects.co.uk, email [email protected] or phone 0115 838 9738.
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