International law firm Norton Rose has advised a syndicate of the Middle Eastern banks on a 400 million pounds ($646 million) Islamic financing to redevelop and refurbish Kings Reach Tower in Southwark, London.
The project is a joint venture between London developer CIT and Jadwa Investment. The syndicate of the Middle Eastern banks was led by ABC International Bank, an European subsidiary of the Arab Banking Corporation. The financing was comprised of a Sharia-compliant senior 100 million pounds facility, and a 145 million pounds mezzanine tranche provided by Mohammed Al Subeai & Sons Investment Co Limited a Saudi investment company. The ABC International Bank plc acted in its capacity as arranger of the senior financing and investment agent for the senior banks and the mezzanine financiers, and coordinated the execution of the financing arrangements.
The Norton Rose team was led by Dubai based Mohammed Paracha. Senior associate Martin Botik advised on the banking aspects with assistance from Thomas Lindley. London-based partners Wasim Khan, Chris Hill and John Challoner advised on property, construction and tax aspects respectively.
King & Spalding advised the mezzanine financiers, and Jones Day advised CIT. Isle of Man advice was provided by Appleby acting for the senior banks, and Cains acting for CIT and the mezzanine financiers. Appleby and Mourant Ozannes provided Cayman Islands law advice, and Al Tamimi Riyadh advised the senior banks in relation to Saudi law aspects.
“We were delighted to be involved in this significant project which will reshape the London skyline, and contribute to the wider community in the Southwark area,” said Paracha.
The project promoted by CIT, will transform the site into a modern mixed use development comprising residential, office, and commercial areas. The scheme will extend the tower by six floors to create 173 high end apartments, and the development is part of the wider regeneration of this part of Southwark.
Shaheen Pasha is Middle East Regional Editor at ALB. Follow us on Twitter: @ALB_TheBrief.
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