Deutsche AM backs Clivedale’s Hanover Square scheme with £55m loan

Super-prime developer Clivedale has secured a £55m loan from Deutsche Asset Management to fund its forthcoming mixed-use scheme at No.22 Hanover Square.

The UK development division of Indian conglomerate Indiabulls is currently working on a conversion of the former JLL HQ into 80 high-end apartments, a five-star hotel and some retail.

Now rebranded as “Hanover Bond”, the project bagged planning in 2015 and will furnish residents and guests with an “opulent” spa and roof terrace bar overlooking Mayfair.

In a brief statement, Deutsche AM’s Andrea Vanni said of the deal: “We are pleased to continue our relationship with Clivedale into the next stage of the redevelopment of 22 Hanover Square.”

Mayfair-based Clivedale is also behind top-end PCL projects The Mansion in Marylebone, and Mayfair Park Residences on Stanhope Gate.