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PARK LANE PROPERTIES ACQUIRES PRESTIGIOUS BUILDING IN LONDON'S MAYFAIR

6th November 2006

Park Lane Properties, a co-owned company between ADEEM Investments Company (ADEEM) (Lead Investor & Arranger) and The Investment Dar Company (TID) (Lead Investor & Funder), has acquired Grosvenor House Apartments Ltd, the owner of the lease of the Grosvenor House Apartments, Park Lane, London. This represents a blue chip investment in a prime location.

Situated adjacent to the Grosvenor House Hotel and benefiting from an existing planning consent, Park Lane Properties plans to transform the building into an apart-hotel whilst safeguarding the historic fabric of one of London’s most renowned buildings.

This acquisition marks almost a year of analysis and research, working with some of the industry’s leading consultants and advisors. Our investment is in line with current UK market property values.

Mustafa Al-Saleh, MD & CEO of ADEEM Investments Co (ADEEM):- “Our vision is to create a super deluxe apart-hotel scheme on Park Lane, in the heart of London’s Mayfair. Reflecting the best in British hospitality and tradition the Grosvenor House apart-hotel will feature bespoke interior design, whilst sensitively restoring the external heritage and grandeur of the building.”

Project team Lead by ADEEM includes:

SPARC Group - Development Managers
Trowers & Hamlin - Legal Advisors
Price Waterhouse Coopers - Transaction Auditors
Moore Stephens - Tax Consultants
Willis - Insurance Advisors & Carriers
M&N Associates – PR & Communication Advisors

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