Gulf Islamic Investments (GII), a UAE-based Shari’ah-compliant global financial services firm, on Tuesday announced it has acquired a residential development situated in London’s sought-after West End.
GII said the acquisition of the property located on Bayswater Road and overlooking Hyde Park is consistent with its focus on acquiring high quality real estate assets in developed markets.
The property marks GII’s second property development venture in the UK and represents an increase of 46 percent in the total value of GII’s investments in the UK property development sector, amounting to approximately £250 million.
The new-build project is slated for completion in late 2021 and will offer a collection of units – ranging from one bedroom apartments to duplex penthouse residences – with panoramic views of Kensington Gardens and Hyde Park. The acquisition is subject to certain administrative requirements, currently in progress.
GII said that for purposes of confidentiality pertaining to this transaction, the name of the residential development is being withheld at the present time.
Mohammed Alhassan, founding partner and co-CEO of GII, said: “This transaction is our third acquisition in London and serves as a complementary addition to GII’s high-end and prestigious realty portfolio in the UK. This development will set a new benchmark for distinctive residential living in London. We look forward to growing GII’s real estate portfolio in the UK and acquiring premium assets on behalf of our investors.”
Pankaj Gupta, founding partner and co-CEO of GII, added: “This acquisition demonstrates our growing property development footprint in London and further strengthens our globally diversified portfolio… We will continue to strategically expand our property development portfolio, while providing our investors with exposure to developed markets.”
GII Real Estate Development (GRID), a GII subsidiary will oversee the development of the site.
GRID is also overseeing GII’s debut project as a property developer in one of London’s most elite neighborhoods – 2 Lucan Place (pictured above) situated off Kings Road, in the heart of Chelsea which is scheduled for completion towards the end of 2022.
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