Norton Rose advises on £400 million development financing of Kings Reach Tower

The Dubai and London offices of international law firm Norton Rose advised a syndicate of Middle Eastern banks led by ABC International Bank plc, a European subsidiary of Arab Banking Corporation B.S.C, in relation to a senior Shariah compliant facility to Kings Reach Estates Limited, a joint venture between London developer CIT and Jadwa Investment for the redevelopment and refurbishment of the Kings Reach Tower in Southwark, London.

 

The financing comprised a senior £100 million facility and a £145 million mezzanine tranche provided by Mohammed Al Subeai & Sons Investment Co. Limited; a Saudi investment company. 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.