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Trowers & Hamlins advises VCBank on acquisition of Mayfair residential development

Trowers & Hamlins advises VCBank on acquisition of Mayfair residential development

Trowers & Hamlins has advised Bahrain-based Islamic lender Venture Capital Bank (VCBank) on its acquisition of Mayfair Chambers, a prime boutique, new-build, freehold residential development in one of the most famous districts in Central London.  The acquisition marks the bank's first real estate transaction outside the Middle East and North Africa region.

Close to Berkeley Square and Grosvenor Square, Mayfair Chambers is situated in the Mayfair Conservation Area.  The investment comprises six luxurious residences designed and finished to the highest standard.  Construction of the development has already commenced and delivery of the apartments is expected in April 2014.

VCBank CEO Abdullatif Mohamed Janahi commented:  "This acquisition adheres to VCBank’s investment strategy which seeks to diversify the investment portfolio geographically and industry wise, while targeting high quality, stable assets with attractive valuations.

"We have also engaged Trowers & Hamlins – a reputable international law firm – to conduct a full legal due diligence on the site and offer advice, given the new changes in the tax regime addressing matters such as stamp duty land taxes, capital gain taxes, and annual tax on enveloped dwellings (ATED)."

The Trowers team was led by Abdul-Haq Mohammed in Bahrain and Sangita Unadkat in London.  The team comprised Patrick Morris, Alison Chivers, Daniel Kennedy and Edward Philips.

For more information about Mayfair Chambers, please click here.