Gulfinvest International Group has paid £22.6m for four Mayfair buildings, which will form part of its first UK property fund.
The buildings at 65 and 86 Brook Street, 36 Park Street and 5 Alford Street comprise 35,688 sq ft (3,315 sq m) of offices.
They have been acquired by Mayfair Real Estate Fund Jersey, which has been established with initial capital of £15m.
Gulfinvest plans to acquire more West End property for the fund over the coming months, which is expected to increase in value to around £40m.
Chief executive Faisal Al Kudsi said: “This is another step in the expansion of the investment banking activities of the group and this fund will offer clients current annual income and capital appreciation in the best locations of the West End of London.”
The group is owned by the Kuwait-based Gulfinvest International KSC.
EGi News 11/09/02
