London, 16 February, 2016: Gatehouse Bank plc ("Gatehouse"), the London-based investment bank, is pleased to announce the completion of a £21 million development financing to a Special Purpose Vehicle ("SPV") managed by London-based Al Mubarakia Limited, a leading developer of real estate in the UK.
The facility will fund the redevelopment of existing offices at Soverign Court, Wapping, London into 124 one and two bed studio apartments. The redeveopment is projected to take around nine months to complete. The completed units will be offered for rent.
Trevor Homes, Head of Real Estate Finance at Gaehouse, said: "We are very pleased to be supporting Al Mubarakia in delivering high-quality residential units into the vibrant Wapping market. Demand for rental apartments in this part of London remains strong, and the location benefits from good transport links into the City and Canary Wharf. We worked closely with Al Mubarakia to complete this transaction in a timely manner."
A spokesman for Al Mubarakia said: "Sovereign Court is just the first phase of our larger plan as we look to embark on a major redevelopment project of the area surrounding and including Tobacco Dock. Our vision is to create a sustainable, lively, mixed-use neighbourhood made up of leisure, residential, retail and commercial developments under the brand of 'Tobacco Dock'.
"Our commitment to the redevelopment of Tobacco Dock will contribute strongly to the local area of Wapping, Tower Hamlets and London as whole, bringing an under-developed area back to life. We have partnered with Gatehouse on this first phase and we hope to build on a successful relationship and continue this collaboration into the future."
This transaction is the second financing which Gatehouse has completed since the start of 2016.