A $2.5bn (£1.26bn) Islamic fundraising to finance the Qatari’s purchase of Chelsea Barracks in London has been completed. Financial Times

Qatari Diar Real Estate Investment and its joint venture partner CPC put together the syndicated loan for the 12.8-acre site in London, in what is believed to be the largest Islamic financing for a UK property.

Islamic laws prohibit the collection and payment of interest and investing in businesses that are considered to be unlawful under Islam.

CPC is owned by brothers Christian and Nick Candy, the multi-millionaire designers of ultra-luxury flats such as the exclusive One Hyde Park development, one of the world’s most expensive places to live.

The brothers and their partner now plan to transform the former home of the Coldstream and Scots Guards into 2,000 luxury flats together with a seven-star hotel.