One Hyde Park developer sells Abu Dhabi bank site in London
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Sat May 26, 2012 3:03 pm

INTERNATIONAL. The developer of the One Hyde Park apartment complex in London’s affluent Knightsbridge sold the last of three retail spaces in the property for more than 17 million pounds (US$26.6 million).

The 2,982 square-foot (277 square-meter) space currently occupied by Abu Dhabi Islamic Bank (ADIB) PJSC, was sold to an undisclosed overseas buyer, developer Project Grande (Guernsey) Ltd. said in a statement today. The company said in February that it sought at least 21 million pounds.

One Hyde Park was developed by a venture between Christian Candy’s CPC Group and Qatar Prime Minister Sheikh Hamad Bin Jasim Bin Jaber al Thani’s closely held Waterknights. Candy conceived the 86-apartment complex with his brother, Nick.

Sales of homes valued at more than 1.5 billion pounds have been completed there, Project Grande said in February. The retail space is one of three in the building, which is about 300 meters (980 feet) from Harrods department store.

Grigory Guselnikov, a Russian entrepreneur, bought the space rented by watchmaker Rolex Group for more than 13 million pounds in August, broker Savills Plc (SVS) said. The space housing a McLaren sports-car dealership sold for more than 11 million pounds two months later, two people with knowledge of the deal said at the time.

Abu Dhabi Islamic Bank, the United Arab Emirates’ second- biggest Shariah-compliant bank, has 14 years left on its lease for the site, Project Grande said in February. The bank leases the real estate for 800,000 pounds a year, giving its landlord an initial yield of about 4.4 percent at a 17 million-pound purchase price. The site was the bank’s first branch in the U.K., according to the developer.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: December 18, 2017
SAUDI ARABIA. The majority of women in Saudi Arabia (70%) say that they are most likely to drive after the ban is lifted. However, men will remain the decision-makers when it comes to car purchases.
date:Posted: December 17, 2017
UAE. The recent increase in mortgage activity can be attributed towards the rise of end users and investors taking advantage of capital structure through leverage. Structurally speaking, the higher levels of mortgage indicate that there will be lower levels of "flipping".
date:Posted: December 17, 2017
UAE. Announced MENA IPO deal value reached US$236.7 million in Q3 2017; Musharaka REIT Fund in Saudi Arabia raised US$ 95.1 million, largest IPO by capital raised; Global IPO activity for 2017 on course to be the busiest year since 2007.
UAE. The region will see the launch of new, futuristic technologies & solutions at the Future Cities Show, held in April 2018, that will change the way we live and work in the urban environment.
dhgate