Update: M1 Group acquires a UK Property
El Solh:“We plan to spend $625 million on property in 2010”
The purchase is part of the Group’s plans to invest in prime assets with good fundamentals to build a global property portfolio in large cities. “The Victoria House-investment sits perfectly within our strategy to build upon our portfolio of prime assets in major cities around the world,” said Moustafa El Solh, M1's executive director.
M1 Group obtained the deal, the largest office deals in London's West End Market since 2007, after a stiff competition with ten other bidders.
The company plans to be actively involved in more property investments in Europe this year despite the increasing competition and prices. “We plan to spend not less than $616 million in 2010 on property investments in London and Germany,” said El Solh.
The newly acquired Victoria House is a 27,800 square meters art-deco retail and leisure office building that was built in 1929 and was renovated in 2003 for $77 million (£50million).
Last December, the M1 Group acquired the 20 Columbus Courtyard, part of the Credit Suisse Group U.K. headquarters complex in Canary Wharf, for $242 million beating 19 other bidders. It also acquired the Times Place at 45 Pall Mall in London’s West End for $88 million last year.
Date Posted: Feb 17, 2010