Integrated Alternative Finance, a wholly owned subsidiary of Abu Dhabi Capital Management (ADCM), announced that it has secured an AED 786 million bridging facility, funding the acquisition of 1 Palace Street, London, with ADCM’s exclusive advisor Eastdil Secured.
The facility is the largest of its kind in recent years and was provided by Omni Capital. It was provided in January 2014 to fund the landmark acquisition, which is the largest redevelopment project in Prime Central London.
1 Palace Street is a Grade II listed former hotel building, located close to Buckingham Gate in the heart of London. It comprises 245,000 square feet of development space which will produce 78 luxury apartments, a restaurant and health centre; all with unrivaled views of Buckingham Palace.
Commenting on the funding, Jassim Alseddiqi, Chief Executive Officer of IAF’s parent, ADCM, said: “This is a unique funding arrangement which complements the landmark nature of 1 Palace Street. Integrated Alternative Finance, in partnership with Eastdil, was able to secure the most appropriate lender with considerable expertise in the super prime Central London market. Its experience in negotiating appropriate terms and finalising this significant facility were integral to the success of the eventual funding.”
Abu Dhabi Capital Management is focused on alternative investments in the GCC and UK. The firm is known for its innovative investment approach, talented investment managers, ability to source niche special situations opportunities, and a proven ability to deliver high quality returns.
ADCM launched its private equity business in January 2011, through which it seeks to acquire equity interests in businesses in various sectors in the MENA region.
In October 2011, ADCM sourced and completed a high profile senior loan transaction with a leading property developer in Central London. ADCM has since embarked on several other real estate opportunities specifically in the UAE and Central London. In 2013, ADCM, through its special purpose Spadille, acquired luxury residential London developer Northacre. Northacre has designed, developed and marketed over £1.5bn of prime residential sites in London, and is the development manager of the 1 Palace Street project.
In 2012, ADCM launched Qannas Investments Limited (QIL), a $200 million London Stock Exchange Alternative Investment Market (AIM) listed vehicle, focused on investing opportunistically in the GCC region. In January 2014, QIL won the award for “Outstanding Performance & Innovation” at the MENA Fund Manager Performance Awards.
In addition to its headquarters in Abu Dhabi, the company has an office at the DIFC, where it holds a Category 4 investment license.
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