Hammonds builds links in Pakistan with $250m Islamic finance project
Hammonds has sealed one of its largest project mandates of the year, with the national firm advising Lahore SunCity on a $250m (£127m) cross-border development project in Pakistan. The firm landed the instruction for the company, a subsidiary of Hong Kong-based project developers SunCity Group, on the back of a personal referral.
December 13, 2006 at 07:03 PM
2 minute read
Hammonds has sealed one of its largest project mandates of the year, with the national firm advising Lahore SunCity on a $250m (£127m) cross-border development project in Pakistan.
The firm landed the instruction for the company, a subsidiary of Hong Kong-based project developers SunCity Group, on the back of a personal referral.
The project, dubbed SunCity Canal Place, involves the development of a 100-acre mixeduse site in Lahore, which will include residential, retail and general commercial space.
The state-of-the-art site is scheduled to open its doors in three years.
Hammonds' London-based head of international finance and projects, William Abraham, led the team with support from Hong Kong corporate partner Jeffrey Cheung and London project finance associates Mark Sambrook and Carol Lim Apel.
Elsewhere, Malaysian investment group Affin Investment Bank (AIB) will act as the lead mandated funder on the project alongside Asian Middle Eastern Emerging Nations Fixed Income Market (AMEEFI), a financial advisory group based in Kuala Lumpur.
The deal, which was conducted to comply with Sharia, also generated a role for Malaysian firm ATS, which is acting for AIB and AMEEFI.
Abraham said: "This is the leading Islamic finance project in an emerging market that is booming right now and is crying out for high-quality mandates of this nature."
He added that Hammonds had also been instructed to advise on another multimillion-pound Pakistani deal, dubbed 'Green Terraces', for the construction of a new residential complex in Islamabad.
In addition, the national firm has recently completed two further property deals for SunCity and is currently advising the client on a mixeduse development in Malaysia.
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