Abu Dhabi said to form ven­ture for apart­ment tow­ers in Lon­don

Muscat Daily - - BUSINESS -

Lon­don, UK - State-owned Abu Dhabi Na­tional Ex­hi­bi­tions Co (Ad­nec) has formed a ven­ture with UK de­vel­oper Mount Anvil Group Ltd to build apart­ment tow­ers next to the Ex­Cel Lon­don con­fer­ence venue, ac­cord­ing to two peo­ple with knowl­edge of the plan.

The com­pa­nies could de­velop about 1,000 homes on land next to the ex­hi­bi­tion cen­tre, the peo­ple said, ask­ing not to be iden­ti­fied. The ven­ture hasn’t yet ap­plied for ap­proval to build on the land, which is cur­rently used for parked ve­hi­cles, the peo­ple said.

A spokes­woman for Ex­Cel Lon­don re­ferred re­quests for com­ment to Mount Anvil. A spokes­woman for Mount Anvil didn’t re­spond to calls and emails seek­ing com­ments.

De­vel­op­ers have been fo­cus­ing on Lon­don’s outer districts, where cheaper prices mean po­ten­tial pur­chasers can ben­e­fit from gov­ern­ment as­sis­tance to buy homes. Con­struc­tion be­gan on about 7,000 homes in the UK cap­i­tal dur­ing the sec­ond quar­ter, a 42 per cent in­crease from a year ear­lier, ac­cord­ing to a re­port by Mo­lior Lon­don seen by Bloomberg News.

Ad­nec bought Ex­Cel, Lon­don’s largest events space, in 2008 for £318mn. The venue, which hosted mul­ti­ple events at the 2012 Olympic Games, is about 3.2km east of the Ca­nary Wharf fi­nan­cial district.

Ad­nec bought Ex­Cel, Lon­don’s largest events space in 2008

Newspapers in English

Newspapers from Oman

© PressReader. All rights reserved.