GFH, Palace Revive in £100 million deal

Manama : GFH Financial Group (GFH) announced it has signed an agreement with Palace Revive Developments Limited worth £100 million to be a key partner in the prestigious No. 1 Palace Street development in central London, a project being developed by Northacre, the leading British developer. 

Under the agreement, GFH will become a key anchor partner for more than 30 per cent of the units in the development, which is located opposite Buckingham Palace. These include No.1 Palace Street and The Broadway, which received planning consent from Westminster City Council last month for a million square foot residential led mixed-use development.

Commenting on the deal, Hisham Alrayes, CEO of GFH Financial Group, said: “This will be a blue chip real estate asset for GCC investors who are looking to diversify their global investment portfolio. We have looked at various investment strategy parameters, and prime London property continues to be attractive with strong and robust demand from regional and global investors.”

Located in Buckingham Gate, No. 1 Palace Street includes 271,051 square feet of space adjacent to Buckingham Palace in the exclusive area between St James’s, Mayfair and Belgravia, the development of 72 luxury apartments, a restaurant and health centre and sets a new standard of living. The property embraces a variety of exquisite and classic styles of European architecture that have collectively dominated many of London’s streetscapes. The development is expected to be completed in 2018.

Niccolo Barattieri, CEO of Northacre, added: “Prime properties in Central London has been a preferred investment for GCC investors and we are confident that No. 1 Palace Street will be an attractive and unique investment proposition with a majority of units now sold and exchanged.”