Dubai's Damac considers London tower investment

Developer looking at taking an equity stake in a project to build a 50-storey mixed-use tower in the British capital
DAMAC PLANS: Damac is building 12,500 units across its markets in the Gulf Arab region, Egypt and Lebanon, most set to be handed over by early 2013.(Getty Images)
By Reuters
Sun 05 Apr 2015 11:01 AM

Dubai property developer Damac will consider taking an equity stake in a project to build a 50-storey mixed-use tower in central London, which would mark its entry into the British market, it said on Sunday.

The second biggest Dubai developer by market value has projects in the United Arab Emirates, Qatar, Saudi Arabia, Jordan and Lebanon.

The London project, for which planning permission has been given, comprises 685,000 square feet of internal space for 450 residential units, as well as Grade A offices and retail space.

Damac said an initial exchange of contracts for the land had taken place between an unnamed seller and another company, also not named, under the control of main Damac shareholder and chairman Hussain Sajwani.

Completion of the deal is expected shortly, it added without specifying how large a stake it might take.

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