Dubai-based Gulf Islamic Investments adds to its London assets with 60m pound West End deal
This is GII's second major European deal in 2 months
Dubai: The Dubai-based asset manager Gulf Islamic Investments (GII) has picked up its second European real estate in as many month. The latest is a 60 million pound investment in a London West End residential property.
“We will continue to strategically expand our property development portfolio, while providing our investors with exposure to developed markets,” said Pankaj Gupta, Partner and Co-CEO of GII. GII Real Estate Development (GRID), a GII subsidiary, will oversee the development of the site.
GRID is overseeing GII’s debut project - 2 Lucan Place - as a developer in London. This one is situated off Kings Road, in the heart of Chelsea. 2 Lucan Place is scheduled for completion towards the end of next year.
The property on Bayswater Road - and overlooking Hyde Park - is GII’s second property development venture in the UK. It represents a 46 per cent increase in the total value of GII's investments there, amounting to around 250 million pounds.
The acquisition is subject to certain administrative requirements, currently in progress.
Gulf Islamic Investments expects to invest an additional $400 million across markets, and taking it to assets under management of $3 billion by year-end. In early March, it closed its biggest real estate transaction – paying $301 million for the Altais Tower in Paris.