New Scotland Yard Owner Sees Post-Brexit London Property Pickup
New Scotland Yard Owner Sees Post-Brexit London Property Pickup
(Bloomberg) -- The owner of the New Scotland Yard building is betting on a post-Brexit pickup in London’s property market.
Abu Dhabi Financial Group LLC is in talks with a few developers for bulk residential deals in central London to benefit from the pound’s weakness, Chief Executive Officer Jassim Alseddiqi said in an interview with Bloomberg TV in Riyadh on Wednesday. The transactions have values from 50 million ($64 million) to 100 million pounds.
“Brexit is going to be over some time, soon hopefully,” Alseddiqi said. “We are going to see a serious pickup in residential real estate in central London” once the uncertainty ends. Demand from Asia has already started improving, he said.
ADFG’s London development arm will deliver 2 billion pounds of real-estate to the market over the next three years, Alseddiqi said.
The company bought the New Scotland Yard building in 2014 and won approval two years later to demolish the former metropolitan police headquarters in the Westminster borough and develop six towers with 268 homes.
--With assistance from Giovanni Prati.
To contact the reporters on this story: Manus Cranny in London at mcranny@bloomberg.net;Arif Sharif in Dubai at asharif2@bloomberg.net
To contact the editors responsible for this story: Dana El Baltaji at delbaltaji@bloomberg.net, Claudia Maedler
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