Abu Dhabi Islamic Bank (ADIB) and Emirates NBD have finalised a £121m ($141.6m) financing facility for Union Property, aimed at refinancing the Pullman London St Pancras hotel.
The five-year arrangement is structured as a club deal, with both banks participating equally.
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This marks the second joint transaction between ADIB, Emirates NBD and Union Property, broadening their involvement in the UK’s real estate finance market.
Located centrally near St Pancras International, King’s Cross, and London Euston rail stations, The Pullman London St Pancras hotel comprises 312 rooms and operates under the Pullman brand, which is managed by Accor.
The property has maintained a long-term leasing and operating relationship with the hospitality group for more than 20 years.
Its location allows access to national rail, underground and international rail links, supporting demand from various traveller segments, including business and conference attendees.
ADIB UK chief country officer Paul Maisfield said: “This repeat collaboration reflects strong alignment across all parties. ADIB remains focused on financing high-quality assets with resilient fundamentals and long-term income visibility.
“Pullman London St Pancras meets these criteria through its prime central London location, exceptional transport connectivity and long-standing operation by a globally recognised hospitality brand.
“Our investment approach continues to prioritise asset quality and sector‑specific supply and demand dynamics, reflecting ADIB’s disciplined and resilient capital allocation strategy.”
ADIB continues to maintain a presence in the UK commercial real estate financing sector, providing funding across hospitality, logistics, mixed-use, office and residential developments.
Emirates NBD received legal advice from Osborne Clarke while ADIB was represented by Foot Anstey and Union Property by Muckle.
