DUBAI: Asset management and investment platform SHUAA Capital is planning to complete and deliver 2 billion pounds ($2.7 billion) worth of property developments in London within the next eight months as the UK capital braces itself for post-pandemic growth.
It plans to do so through its subsidiary Northacre, which is currently building two mix-used properties in the British capital - No. 1 Palace Street and The Broadway, SHUAA said in a statement. Both projects are located in prime locations in Central London, offering views of Buckingham Palace, as well as other iconic landmarks such as the Big Ben.
“The significant growth of SHUAA’s real estate portfolio in the UK reflects its effective strategic vision to create opportunities that deliver long term value with high returns,” its chief executive officer of real estate, Walid El-Hindi, said.
The company is making the investment as property prices in the centre of the UK’s capital are predicted to increase by seven percent in 2022, according to analysis by property market insight company Knight Frank.
The firm has also revealed that August saw the number of international buyers and tenants searching for UK property reaching its highest level since before the pandemic.
Northacre will unveil the first show apartment in The Broadway in October, and it will also launch a 116,000 square foot commercial space, as well as a 27,000 square foot retail space that will house wellness activities.
Group CEO of SHUAA said: “As major investors in the prime London property market, we are delighted that the fruits of our long-term vision are now becoming a reality.”