Investors from Mideast bullish on UK property
They continue to make a strong comeback in London and Europe after a lacklustre 2017
They continue to make a strong comeback in London and Europe after a lacklustre 2017 |
Last year seems to have been nothing more than an exception — Middle East investors are back in force in picking up real estate in the UK and not too overly concerned by a lack of clarity over the final Brexit outcome.
In June, the Abu Dhabi Islamic Bank structured a Sharia transaction on behalf of an Abu Dhabi-based private banking client for a $32.2 million (Dh118.27 million) acquisition of Lateral House in Leeds, while earlier in the year Gulf Islamic Investments bought office space in Aberdeen at $60 million.
Saudi funds too have been active — the asset management firm Sedco Capital acquired three properties worth $179.9 million, in the UK and France, according to Savills, the consultancy. Sidra Capital invested in 17 projects in the UK over the last six years, including $121.4 million for the Weston House in London’s
High Holborn area.
Middle East investors are seeking property investment opportunities across Europe, as Chinese investment into the continent slows, Savills said in a statement. “European real estate is seen as a good investment by those Middle Eastern investors and asset managers looking at growing their international portfolios,” it says. “After a 2017 dip in global real estate investment from the Middle East due to lower oil prices and less favourable exchange rates, the appetite for European real estate is beginning to rebound.”