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Wed 30 Oct 2019 03:18 PM

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New Scotland Yard's UAE owner sees post-Brexit boom in London

Abu Dhabi Financial Group CEO predicts 'serious pickup' in residential real estate in central London once Brexit is resolved

New Scotland Yard's UAE owner sees post-Brexit boom in London

Abu Dhabi Financial Group CEO Jassim Alseddiqi.

The owner of the New Scotland Yard building is betting on a post-Brexit pickup in London’s property market.

Abu Dhabi Financial Group is in talks with a few developers for bulk residential deals in central London to benefit from the pound’s weakness, CEO Jassim Alseddiqi said in an interview with Bloomberg TV in Riyadh on Wednesday.

The transactions have values from £50 million ($64 million) to £100 million.

“Brexit is going to be over some time, soon hopefully,” Alseddiqi said. “We are going to see a serious pickup in residential real estate in central London” once the uncertainty ends. Demand from Asia has already started improving, he said.

ADFG’s London development arm will deliver £2 billion of real estate to the market over the next three years, Alseddiqi said.

The company bought the New Scotland Yard building in 2014 and won approval two years later to demolish the former metropolitan police headquarters in the Westminster borough and develop six towers with 268 homes.