26 January 2008
Doha, Qatar - A group of investors led by Qatar Islamic Bank and newly established Islamic investment bank QInvest, announced that it has completed and signed on a deal to acquire 80% of the building of the London Bridge Quarter which includes the famous 'Shard of Glass' new London Bridge Tower. This was achieved alongside Sellar Properties of London who retain 20% of the deal.
The consortium has successfully concluded around 9 months of negotiations for the deal, in which four large Qatari institutions are to undertake the £2 billion development designed by the award-winning international architect, Renzo Piano.
The Centuria Group, who are asset managers, have been involved in negotiations throughout.
The consortium will comprise the QInvest, Sellar Property Group, Qatar National Bank, Qatari Islamic Bank and Barwa. The consortium members will be 20% equal shareholders in the newly formed London Bridge Quarter Holdings Ltd.
QIB Chief Executive Officer, Salah Jaidah said, "This project is an exciting and strategic one for QIB and our subsidiary in London, European Finance House.
This represents for us a positive conclusion of 9 months of negotiations. Over this period QInvest and QIB took the lead and were the ones that initiated the idea of founding the Qatari consortium of banks for this big project. It is also the first time ever that a Qatari consortium of banks joins together for a project in the international market and we are proud to be part of it.
Irvine and James Sellar, of Sellar Property Group: "We are delighted that we have been able to attract such high calibre investors into the London Bridge Quarter development. This underlines both their faith in this iconic development and the London real estate market. Together we can fast track the construction of the Quarter enabling us to complete construction by the end 2011."
Like all other investors in the project QNB will be 20% equity owner and will act as Mandated Financial Advisor to the project to generate more than one billion GBP of refinance. QNB also arranged the Mezzanine Finance for the project totaled at 195 million GBP.
Mr. Ali Shareef Al Emadi said: "The Shard of Glass project is a prestigious project that will grace the London skyline and add to the rich repertoire of projects in which QNB has invested.
"That QNB has been able to mobilize the skills and funds to support this signature project demonstrates our financial strength and continues the remarkable year end results achieved by the bank in 2007 with unprecedented expansion for the bank. We have successfully started our operations in 5 new countries and are bound to operate in three others. QNB presence is also counted in Europe through our branches in London and Paris and the offices of The Ansbacher Group which is a QNB subsidiary," Mr. Al Emadi added.
Barwa International CEO, Ghassan Al-Binali said: "This project makes a great addition to our already diverse European portfolio and fits perfectly within our strategy to have a mixed use development in London. The Shard will provide a comprehensive product with high-tech offices, a world leading hotel, and luxury residential apartments all under one roof. We believe that The Shard will make its own unique market in London and will promote more and more the London position as the financial capital of the world."
Professor Abdul Latif Almeer, CEO of QInvest concluded that "All the prime investment partners share a firm, forward looking vision about the uniqueness of the entire project and "The Shard" in particular."
He added: "This is a marvellous opportunity for us and our partners to become fully involved in what will undoubtedly be Europe's most recognisable commercial property landmark. Our investment in this £2 billion development reflects our confidence in the London commercial property market, and also we see it as a beginning for other substantial global real estate projects".
Two major pre-lets have already been contracted for London Bridge Tower: Shangri-La Hotels is taking almost 200,000 sq ft of space over 18 floors (floors 34 to 52) and Transport for London is to occupy 190,000 sq ft of office accommodation.
London Bridge Tower is a 1.4m sq ft (gross) mixed-use development which at 1016ft (310m) will be Europe's tallest and first truly mixed-use building. It will comprise offices, and a mid-level leisure and viewing complex. There will be a further public viewing gallery at the very top of the building while London's most spectacular apartments will have some of the finest views of the city.
The redevelopment of New London Bridge House will be re-named London Bridge Place and will be an office building with a gross area of 600,000 sq ft and a net of 430,000sq ft.
Under plans drawn up by Renzo Piano it is intended to integrate development of the two buildings into one master planned project that will transform the present space into a dynamic commercial quarter.
London Bridge Quarter will be a major catalyst in turning this part of London, which is well served by key transport links, into one of the capital's most exciting areas capable of providing many thousands of jobs for the community.
- End -
For more information, please contact:
Elsie Zwein
Action Qatar
Phone: 4361499
E-mail: elise.z@actionprgroup.com
Kamal Nasrallah
Action Qatar
Mobile: 6562779
Email: kamal.n@actionprgroup.com
Doha, Qatar - A group of investors led by Qatar Islamic Bank and newly established Islamic investment bank QInvest, announced that it has completed and signed on a deal to acquire 80% of the building of the London Bridge Quarter which includes the famous 'Shard of Glass' new London Bridge Tower. This was achieved alongside Sellar Properties of London who retain 20% of the deal.
The consortium has successfully concluded around 9 months of negotiations for the deal, in which four large Qatari institutions are to undertake the £2 billion development designed by the award-winning international architect, Renzo Piano.
The Centuria Group, who are asset managers, have been involved in negotiations throughout.
The consortium will comprise the QInvest, Sellar Property Group, Qatar National Bank, Qatari Islamic Bank and Barwa. The consortium members will be 20% equal shareholders in the newly formed London Bridge Quarter Holdings Ltd.
QIB Chief Executive Officer, Salah Jaidah said, "This project is an exciting and strategic one for QIB and our subsidiary in London, European Finance House.
This represents for us a positive conclusion of 9 months of negotiations. Over this period QInvest and QIB took the lead and were the ones that initiated the idea of founding the Qatari consortium of banks for this big project. It is also the first time ever that a Qatari consortium of banks joins together for a project in the international market and we are proud to be part of it.
Irvine and James Sellar, of Sellar Property Group: "We are delighted that we have been able to attract such high calibre investors into the London Bridge Quarter development. This underlines both their faith in this iconic development and the London real estate market. Together we can fast track the construction of the Quarter enabling us to complete construction by the end 2011."
Like all other investors in the project QNB will be 20% equity owner and will act as Mandated Financial Advisor to the project to generate more than one billion GBP of refinance. QNB also arranged the Mezzanine Finance for the project totaled at 195 million GBP.
Mr. Ali Shareef Al Emadi said: "The Shard of Glass project is a prestigious project that will grace the London skyline and add to the rich repertoire of projects in which QNB has invested.
"That QNB has been able to mobilize the skills and funds to support this signature project demonstrates our financial strength and continues the remarkable year end results achieved by the bank in 2007 with unprecedented expansion for the bank. We have successfully started our operations in 5 new countries and are bound to operate in three others. QNB presence is also counted in Europe through our branches in London and Paris and the offices of The Ansbacher Group which is a QNB subsidiary," Mr. Al Emadi added.
Barwa International CEO, Ghassan Al-Binali said: "This project makes a great addition to our already diverse European portfolio and fits perfectly within our strategy to have a mixed use development in London. The Shard will provide a comprehensive product with high-tech offices, a world leading hotel, and luxury residential apartments all under one roof. We believe that The Shard will make its own unique market in London and will promote more and more the London position as the financial capital of the world."
Professor Abdul Latif Almeer, CEO of QInvest concluded that "All the prime investment partners share a firm, forward looking vision about the uniqueness of the entire project and "The Shard" in particular."
He added: "This is a marvellous opportunity for us and our partners to become fully involved in what will undoubtedly be Europe's most recognisable commercial property landmark. Our investment in this £2 billion development reflects our confidence in the London commercial property market, and also we see it as a beginning for other substantial global real estate projects".
Two major pre-lets have already been contracted for London Bridge Tower: Shangri-La Hotels is taking almost 200,000 sq ft of space over 18 floors (floors 34 to 52) and Transport for London is to occupy 190,000 sq ft of office accommodation.
London Bridge Tower is a 1.4m sq ft (gross) mixed-use development which at 1016ft (310m) will be Europe's tallest and first truly mixed-use building. It will comprise offices, and a mid-level leisure and viewing complex. There will be a further public viewing gallery at the very top of the building while London's most spectacular apartments will have some of the finest views of the city.
The redevelopment of New London Bridge House will be re-named London Bridge Place and will be an office building with a gross area of 600,000 sq ft and a net of 430,000sq ft.
Under plans drawn up by Renzo Piano it is intended to integrate development of the two buildings into one master planned project that will transform the present space into a dynamic commercial quarter.
London Bridge Quarter will be a major catalyst in turning this part of London, which is well served by key transport links, into one of the capital's most exciting areas capable of providing many thousands of jobs for the community.
- End -
For more information, please contact:
Elsie Zwein
Action Qatar
Phone: 4361499
E-mail: elise.z@actionprgroup.com
Kamal Nasrallah
Action Qatar
Mobile: 6562779
Email: kamal.n@actionprgroup.com
© Press Release 2008
