MANAMA: Bahrain-based Investate Realty, a real estate investment company, has announced the acquisition of the 4.5-acre waterfront site called Tideway Industrial Estate with an investment of $750 million.
The London venture, according to a top official at Investate, is the latest project of Investate Realty that has already announced four projects with a total investment of close to $2 billion since its inception in October last year. The property belonged to one of the UK pension funds and is currently occupied by 12 tenants on lease.
The CEO of Investate, Salah Nooruddin, told a press conference that the latest project would add value to the company’s existing portfolio.
“This will be high-end project and we expect a 120 percent return on investments over a period of four years,” he said.
“This is a very prestigious and important project for the company as the project will attract the investors from all over the world.” Salah said that company was well capitalized to invest in mega projects. However, he said, the company might consider increasing capital toward the end of the year.
“We are expecting another project worth $500 million by year-end in Saudi or other GCC market,” he said.
The site occupies an enviable position in Central London overlooking River Thames and the prestigious neighborhood of Chelsea.
The property is one of the last prime waterfront locations available for redevelopment in London and generated a strong competitive interest among most of the leading UK developers.
