UAE's Gulf Islamic Investments acquires residential development in London

The West End buy takes total value of GII's London investments to $344mln

  
A man walks past houses painted in various colours in a residential street in London, Britain, May 15, 2019.

A man walks past houses painted in various colours in a residential street in London, Britain, May 15, 2019.

REUTERS/Toby Melville

The UAE-based Gulf Islamic Investments (GII), a Shariah-compliant global financial services firm, said it has acquired a residential development in London’s premium West End.

The property, overlooking Hyde Park, marks GII’s second property development venture in the UK and takes the total value of GII’s investments in the UK property development sector to approximately GBP 250 million ($344 million).

The acquisition is consistent with GII’s focus on acquiring high quality real estate assets in developed markets, GII said in a statement. It didn’t mention a value for the acquisition.

GII has nearly $2 billion of assets under management and is regulated by the Securities and Commodities Authority (SCA).

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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