Dubai-based investment bank Shuaa Capital plans to build and deliver £2 billion ($2.76bn) worth of property projects in London over the next eight months.
Shuaa, which invests in London’s prime properties through its wholly-owned subsidiary Northacre, plans to grow its UK real estate portfolio, the company said in a statement to the Dubai Financial Market where its shares are traded.
Northacre is currently focused on completing its two key projects: No 1 Palace Street and The Broadway, both of which are due to be completed between the end of 2021 and the first half of 2022, the company said.
"As a major investor in the prime London property market, we are delighted that the fruits of our long-term vision are now becoming a reality,” Jassim Alseddiqi, group chief executive of Shuaa, said.
The developer’s No 1 Palace Street, which was bought for £310 million in 2013, overlooks Buckingham Palace, the official residence of the Queen in London.
In October, Northacre will unveil its first show apartment in The Broadway and will bring 116,000 square feet of commercial space to the market.
The Broadway is located on the site of the former New Scotland Yard Metropolitan Police Headquarters that was bought from the Mayor’s Office for Policing and Crime in 2014 for £370m.
"The significant growth of Shuaa's real estate portfolio in the UK reflects … vision to create opportunities that deliver long term value with high returns,” said Walid El-Hindi, chief executive of real estate at Shuaa.
“We look forward to exploring further opportunities in line with our strategy and investing in the UK."
Last year, Northacre said it was optimistic about growing its prime central London portfolio in 2021, despite the coronavirus pandemic delaying the completion of some of its developments.
Northacre was acquired by Abu Dhabi Financial Group in 2013 before it merged with Shuaa Capital in August last year.
The UK-based super-prime developer has been developing properties for more than 30 years. They include 10 luxury projects in the heart of London that cover more than one million square feet. Northacre also manages £2bn worth of property projects in the UK, according to Shuaa.
In August, Shuaa reported a jump in its first-half profit to Dh54 million ($14.7m) from Dh5m reported during the same period last year. Higher net fee and commission income, boosted profitability in the first six months of the year.
