Dubai-based Gulf Islamic Investments (GII) has added to its portfolio of UK real estate after signing a £60 million deal for a London property.
The transaction, its third in the UK, increases the value of GII’s UK holdings by 46% to an approximate £250 million.
The Shariah-compliant firm states that the move is consistent with its strategy of acquiring “high-quality real estate assets in developed markets”.
The development, located on Bayswater Road, will be overseen by a GII subsidiary GII Real Estate Development.
Shreen Gupta, chief executive of GII Real Estate Development, said: “This new development is a welcome addition to GII’s rapidly expanding portfolio in London and coincides well with the overall market sentiment.”
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