Middle East firm invests in London
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Categories: Economic News
01 July 2008
A Middle Eastern firm has bought the residential development site near Battersea, in order to redevelop it.
The firm, Investate, was founded last year by the First Investor from Qatar, Rashed Al Rashed and Sons Group from Saudi Arabia and Omniyat Holdings from the United Arab Emirates, reports Property Week.
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Purchasing the Tideway Industrial Estate in a £325 million scheme forms the company's first UK venture.
Included in the purchase is over 100 acres of brownfield land, located between the Battersea power station and Vauxhall.
Sarah Nooruddin, the chief executive officer of the company, told the publication: "Tideway is a fantastic way to commence our expansion into Europe.
"London's position as the financial capital of the world makes it the preferred residential destination of the world's elite."
The Middle East was recently advised by the Gulf Finance House to invest in commercial property in the UK, as bargains can be found.
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