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DAMAC plans London tower investment
(MENAFN- Arab News) DUBAI: Dubai property developer DAMAC will consider taking an equity stake in a project to build a 50-story 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 685000 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.
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 685000 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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