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Tue 29 Jan 2019 11:22 AM

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Damac denies plan to invest $1.3bn in London property market

Chairman Hussain Sajwani said in January that a weaker pound makes London cheaper to invest in

Damac denies plan to invest $1.3bn in London property market
Chairman of Dubai-based Damac, Hussain Sajwani.

Damac Properties has denied it plans to invest $1.3 billion (£1bn) in London’s real estate market, according to a statement by group CFO Adil Taqi addressed to the Dubai Financial Market (DFM).

Chairman of Dubai-based Damac, Hussain Sajwani, told Bloomberg TV in January that his company is looking at deals from $2.4bn (£500 million) to $4.8bn (£1bn) in central London as a weaker pound makes the city cheaper.

“If it was a hard Brexit there will be more opportunities and we would be looking to take advantage of that,” Sajwani said in the interview at the World Economic Forum in Davos.

“London is London and you buy when there is blood on the street,” he said.

However, Taqi said in his statement that Sajwani was interviewed by Bloomberg “on his investment plans as an international investor and not as Damac’s chairman.”

He added, “There have been no suggestions made to the board of directors to invest into the United Kingdom real estate market.”

Damac Properties in November announced total revenue of $1.4bn and net profit of $300m for the first nine months of 2018.

During the same period, it said it delivered 3,800 units, almost double the number (1,923) in the same period in the previous year.

The firm’s booked sales for the first nine months were reported at $871m, while total assets stood at $6.8bn.

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