Dubai developer Damac is planning to buy London office space for the first time.
The group aims to snap up the offices at bargain prices and turn them into plush places to work that meet ESG standards.
“London is still a cosmopolitan city,” Damac chair Hussain Sajwani said. “Demand is there if you find the right asset, the right price, fix it, change the tenant mix, make it more friendly environmentally and push it to a higher end.”
Damac is looking at property on a case-by-case basis with the intention of paying £100m or £500m per office, but has not set an investment target or limit.
The company will target prime areas, including Mayfair, Victoria and Canary Wharf, and favours locations where planning permits are easier to secure.
Damac has already entered the London residential market, developing the Damac Tower Nine Elms near Battersea, which was furbished by fashion house Versace and opened to residents last year.
