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BLME finances luxury apartment development in Kensington.

London-based Shari'ah-compliant investment bank Bank of London and the Middle East (BLME) is to provide a GBP 12 million, two year facility for the development of nine luxury apartments in Kensington.

The property will be developed by Curzon Asset Management.

Alice Myers, Head of Property Finance at BLME, commented, "Kensington remains one of the most popular areas for Middle Eastern investors in prime property who buy 18 per cent of all prime new build properties1 there. The apartments will be marketed by Commodore Homes who, like BLME have strong links to the MENA region. Now that the uncertainty surrounding tax has been clarified by George Osbourne we expect to see significant interest from property investors in this development."

Joseph Mansour, Curzon Asset Management, stated, "We approached BLME as we sought Sharia'a compliant development finance that was competitively priced, and also in order to build a relationship that would benefit both parties through the synergies that exist and relate to our strong links in the MENA region."

Myers added, "It is likely that the residential property development market will remain underfinanced in 2013, this presents an opportunity for banks like BLME to step in, alleviating the challenges imposed on property developers by the low levels of liquidity available."

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Publication:CPI Financial
Date:Mar 7, 2013
Words:221
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