Gulf Islamic Investments (GII), a leading Shari’ah-compliant global financial services firm, today announced it has acquired a residential development in London’s West End. The acquisition is consistent with GII’s focus on acquiring high quality real estate assets in developed markets.
The property - located on Bayswater Road and overlooking Hyde Park - marks GII’s second property development venture in the UK and represents an increase of 46% in the total value of GII’s investments in the UK property development sector, amounting to approximately GBP 250 million. Mohammed Alhassan, Founding Partner and Co-CEO of GII commented: “This transaction is our third acquisition in London and serves as a complementary addition to GII’s highend and prestigious realty portfolio in the UK. This development will set a new benchmark for distinctive residential living in London. We look forward to growing GII’s real estate portfolio in the UK and acquiring premium assets on behalf of our investors.”
Pankaj Gupta, Founding Partner and Co-CEO of GII commented: “This acquisition demonstrates our growing property development footprint in London and further strengthens our globally diversified portfolio. Through this well-positioned project, GII will deliver a signature residential development that is thoughtfully designed for buyers seeking exceptional homes with exquisite finishes. We will continue to strategically expand our property development portfolio, while providing our investors with exposure to developed markets.”
GII Real Estate Development (GRID), a GII subsidiary will oversee the development of the site. Shreen Gupta, CEO of GRID commented: “This new development is a welcome addition to GII’s rapidly expanding portfolio in London and coincides well with the overall market sentiment. The project is in line with the latest residential requirements for homes in Central London and shall be built to superior quality standards."
The new-build project is located opposite Hyde Park and slated for completion in late 2021. The low-rise development will offer a uniquely designed collection of units - ranging from one bedroom apartments to duplex penthouse residences with panoramic views of Kensington Gardens and Hyde Park. The acquisition is subject to certain administrative requirements, currently in progress. For purposes of confidentiality pertaining to this transaction, the name of the residential development is being withheld at the present time. In addition to this latest acquisition, GRID is overseeing GII’s debut project as a property developer in one of London’s most elite neighborhoods: 2 Lucan Place situated off Kings Road, in the heart of Chelsea. 2 Lucan Place is scheduled for completion towards the end of 202