Qatari state property investors are reportedly gearing up to buy as much as £5 billion in UK and European commercial property. The news comes just days after it was revealed state investors from the Middle East were in the running to buy large swathes of commercial property in New York as they shifted focus from banks to buildings.
The Telegraph reports the Qatari consortium includes the Qatar National Bank, Qatar Islamic Bank, Barwa International and Qinvest. Assets in London and other prominent European cities will be the properties of choice as property investors seek to capitalise on falling property prices in the UK.
Quoted by the paper, chairman of the Qatar Islamic Bank Sheikh Jasim said:
“It is our belief that the United Kingdom continues to be an attractive investment place in Europe.”
Over the weekend the Financial Times reported real estate in New York is now being snapped up by state wealth funds. Groups from Kuwait and Qatar are among those though to be in the running to purchase the GM building, overlooking central park.