The Dubai property developer Damac, which is mostly known for its luxury hospitality properties, is buying London office space for first time.
According to a Financial Times report, the company is preparing to acquire office properties at bargain prices and upgrade them into luxury office spaces that meet British ESG standards.
“London is still a cosmopolitan city,” said Damac Chairman Hussain Sajwani. “Demand is there if you find the right asset, the right price, fix it, change the tenant mix, make it more friendly environmentally and push it to a higher end.”
Sajwani did not provide a full budget for this endeavor, but stated he would consider each property on an individual basis and would pay between $127.5 million and $637.5 million per office, based on its location. Damac is looking at prime areas across London including Mayfair, Victoria and Canary Wharf.
Sajwani added that he hoped to take advantage of the “softened” market and an upcoming wave of refinancing that will enable him to acquire properties that current owners cannot maintain. He added that having a presence in the British capital was an easy decision.
“For us from the Middle East, London is like a second home: the culture, the language, the rules, the regulation,” he said.
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