Qatar First Investment Bank (QFIB), Qatar’s first independent Shari’ah compliant investment bank authorized by the QFC Regulatory Authority, announces the acquisition of two properties in prime locations in Central London – The Leinster Inn Hotel at Leinster Square, and Westbourne House, Westbourne Grove, London.
QFIB has acquired these prime properties in association with a consortium of investors from the GCC. The two transactions were structured and managed by the Bank’s Strategic Investments Team. The objective of these acquisitions is to capitalise on the growing demand for real estate in Central London by converting both properties into high-end luxury residential apartments. The consortium has appointed the Alchemi Group, a leading property development company in the UK, as the Development Manager.
Emad Mansour, CEO of QFIB said: “We are pleased with these two acquisitions in spite of the fact that they are outside our target geographical market. Due to the growing global demand for London’s prime residential property sector, these deals presented themselves as an attractive opportunity for QFIB to enter the UK market. We are optimistic that once the conversion of the properties is complete, they will be attractive to international buyers who are looking to invest in prime properties which in return will yield substantial returns to our investors”.
The Leinster Inn is a grade II building that dates back to 1857. This terraced building spans 31,500 square feet and is located in the heart of the Bayswater Conservation Area in the City of Westminster. Located in nearby Westbourne Grove is Westbourne House, a 1980’s office building, which features 35,047 square feet of high quality office and retail space.
London property prices have outperformed the wider mainstream market in recent years, underpinned by continued demand from local and overseas buyers, despite the economic turmoil since the financial crisis. Knight Frank forecasts this trend to continue, particularly in areas that will benefit from improved transport links, regeneration, and increased demand.