The National Bank of Abu Dhabi (NBAD) and the Abu Dhabi Financial Group (ADFG), have announced reaching a financing deal worth AED 1.8 billion (GBP 310 million) for one of the largest redevelopment projects in prime Central London, CPI Financial reported.

Opposite Buckingham Palace, 1 Palace Street comprises 271,051 square feet of space; the development, which entails 72 luxury apartments, a restaurant and health centre, is expected to be completed in late 2017.

Integrated Alternative Finance (IAF), an ADFG subsidiary, is said to have sourced, structured, and arranged the deal with NBAD, with the loan being structured through a combination of senior debt and a preferred equity tranche underwritten by IAF.

Farid Barakat, Country CEO & Managing Director of NBAD’s London Branch, said, “Providing financing to the exclusive residential development at 1 Palace Street is a good proposition for NBAD. ADFG has put together a compelling strategy to create one of Europe’s foremost luxury properties in London’s most desirable postcode. We look forward to collaborating with ADFG further as this landmark project becomes reality.”

ADFG is an alternative investment firm primarily focused on financial services and real estate and based in Abu Dhabi, while NBAD is one of the Emirati capital’s leading banks.