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Dubai Developer Damac Considers London Tower Investment

Dubai property developer Damac will consider taking an equity stake in a project to build a 50-storey mixed-use tower in central London, which would mark its entry into the British market, it said on Sunday.

The second biggest Dubai developer by market value has projects in the United Arab Emirates, Qatar, Saudi Arabia, Jordan and Lebanon.

The London project, for which planning permission has been given, comprises 685,000 square feet of internal space for 450 residential units, as well as Grade A offices and retail space.

Damac said an initial exchange of contracts for the land had taken place between an unnamed seller and another company, also not named, under the control of main DAMAC shareholder and chairman Hussain Sajwani.

Completion of the deal is expected shortly, it added without specifying how large a stake it might take.

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