Mubasher: Emirates NBD Bank and Abu Dhabi Islamic Bank (ADIB) jointly closed a GBP 140 million senior financing transaction for a prime purpose-built student accommodation (PBSA) asset in central London.
This cub deal enhances the UAE’s banking presence in key international markets, according to a press release.
The financed asset, Paddington Citi View, includes 353 premium bedrooms with modern amenities in a high-demand area just 100 meters from London’s Paddington Station.
Formerly known as Lillian Pension Hall, the property was acquired by Union Property in 2022 from the University of London.
Raj Sehgal, Managing Director at Union, commented: “We are thrilled to have collaborated with ENBD and ADIB on this deal, which has been executed efficiently to support our strategic objectives.”
Carlo De Vos, Head of Corporate and Institutional Banking at Emirates NBD, said: “This deal reflects our focus on high-quality assets with stable income potential, and supports our strategy to work with strong counterparties, like Union Property, while expanding our presence in key international markets.”
Paul Maisfield, UK Chief Country Officer at ADIB, highlighted: “This structured financing showcases our strong commitment to innovative financing solutions alongside trusted financial partners.”
“Our criteria for investment prioritise asset quality, ESG credentials, and sector-specific supply and demand factors,” Maisfield noted.
Global real estate consultancy Knight Frank revealed that nearly GBP 840 million was invested in the UK’s sector during the third quarter (Q3) of 2024 across 15 deals.
Meanwhile, this transaction volume accounts for 46% of global capital flows into PBSA assets in 2024.
In the first nine months (9M) of 2024, the net profits of ADIB reached AED 4.63 billion, while Emirates NBD posted 9% year-on-year (YoY) higher profits at AED 19.01 billion.
