It emerged on Monday that a planned Heathrow development has showcased Guernsey’s banking expertise.
The landmark hotel, to be built at Heathrow’s new Terminal Five, has been funded to the tune of GBP52.6 million by the Royal Bank of Scotland International (RBS International) in Guernsey.
RBS International structured the total finance package for the development, enabling Rising Star LLP to acquire the land near Heathrow which will now be transformed into a 5-star hotel and conference centre.
Peter Niven, Chief Executive of GuernseyFinance – the promotional agency for the Island’s finance industry - announced yesterday that:
“The Island boasts significant expertise across a number of sectors, not least banking and as this case highlights, including structured property financing. Guernsey’s providers in this field range from major players such as RBS International to boutique, niche operators. Benefiting from the support of a broad-based and highly skilled finance industry and the close proximity and positive collaboration of these businesses, they are growing a reputation for exceptional client solutions."
Simon Chandler, Director, Offshore Real Estate Finance at RBS International, added:
“RBS International was able to structure a total finance package with a high degree of leverage, valued at a total of £52.6 million. The facilities sanctioned provided an initial drawdown to support the site acquisition and will allow a second tranche to facilitate the two year construction programme for the hotel."
”We worked closely with our colleagues in the RBS Hotel and Leisure team in London to structure the package but the deal was done out of RBS International in Guernsey. Providing lending services of this scale for such a high profile and prestigious development is excellent profile for Guernsey as well as the bank. It also helps to illustrate the wide range of financial services that are provided by the Island’s finance industry and it also shows that by investing in expertise in specialist sectors of banking, RBS International can diversify its offering and compete successfully for major international business.”
Construction of the 350-bedroom luxury property is due to commence towards the end of this year, and it is due to open towards the end of 2009.
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