Dubai’s Damac Properties on Wednesday said it will double its shareholding in a real estate project in London.
In a filing to Dubai Financial Market, the developer said the company’s ownership in Nine Elms will increase from 20 percent to 40 percent following a decision taken at a board meeting.
Damac Tower at Nine Elms will be the first in Europe to be designed in partnership with famous Italian fashion house, Versace Home.
The 50-storey tower, located in one of London’s most prestigious residential addresses and delivered by Nine Elms Property Limited, a wholly owned subsidiary of Damac International, will comprise of studios, one, two and three bedroom apartments.
Last month, chairman Hussain Sajwani said Damac Properties is pinning hopes on next year’s Expo event to reinvigorate the real estate market after his company posted losses of AED931 million for the first nine months of 2020.
This compared to a net profit of AED133 million for the same period last year. The developer said total revenue rose to AED3.7 billion vs AED2.8 billion in the first nine months of last year while booked sales for the period stood at AED1.6 billion, down on the AED2.4 billion posted for the similar period last year.
Damac said it delivered 1,870 in first nine months of the year in Akoya and Business Bay developments.
Follow us on
