Dubai: The Dubai-based asset manager Gulf Islamic Investments (GII) has picked up its second European real estate in as many month. The latest is a 60 million pound investment in a London West End residential property.
“We will continue to strategically expand our property development portfolio, while providing our investors with exposure to developed markets,” said Pankaj Gupta, Partner and Co-CEO of GII. GII Real Estate Development (GRID), a GII subsidiary, will oversee the development of the site.
GRID is overseeing GII’s debut project – 2 Lucan Place – as a developer in London. This one is situated off Kings Road, in the heart of Chelsea. 2 Lucan Place is scheduled for completion towards the end of next year.
The property on Bayswater Road – and overlooking Hyde Park – is GII’s second property development venture in the UK. It represents a 46 per cent increase in the total value of GII’s investments there, amounting to around 250 million pounds.
Gulf Islamic Investments expects to invest an additional $400 million across markets, and taking it to assets under management of $3 billion by year-end. In early March, it closed its biggest real estate transaction – paying $301 million for the Altais Tower in Paris.