Dubai’s largest property developer, DAMAC Properties, has taken office space in central Manchester.
The company has signed for 2,250 sq ft at developer Magnus’ 23,000 sq ft 44 Peter Street refurbishment, opposite the Radisson Hotel.
DAMAC is paying £20 per sq ft on a 10-year lease.
The firm has not developed schemes in the UK but is active in China, Jordan and Qatar, as well as Dubai.
It recently attracted headlines when it announced an £80m scheme in Beirut, in a joint venture with Ivana Trump.
A spokeswoman said the space will be used as a sales office for UK nationals seeking to purchase DAMAC’s properties in Asia.
However, local sources speculated that the office could help facilitate Middle Eastern investment in the Manchester property market.
DAMAC also has offices in London and Glasgow.
References: EGi News 12/09/06
