Shuaa Capital to deliver £2b worth of property developments in London

Shuaa Capital on Monday announced its intention to complete and deliver £2 billion worth of property projects in London through its wholly-owned subsidiary Northacre by first half of 2022.

In a statement, the leading asset management and investment banking platform in the region said UK-based property developer Northacre is currently focused on completing its two key projects -- No.1 Palace Street and The Broadway, both of which are due to complete simultaneously between late 2021 and first half of 2022.

“As a major investor in the prime London property market, we are delighted that the fruits of our long-term vision are now becoming a reality,” Jassim Al Seddiqi, group CEO of Shuaa Capital, said in a statement to Khaleej Times.

Prime property location

No.1 Palace Street is one of London’s most coveted addresses, uniquely located opposite Her Majesty’s official London residence, offering unrivaled views towards the Palace and its private gardens. Northacre recently announced its collaboration with Walpole and No.1 Palace Street for it’s next show apartment -- House of Walpole.

In October, Northacre will unveil the first show apartment in The Broadway, overlooking Big Ben and the Houses of Parliament.

In addition, 116,000 square feet (sqft) of commercial space will also be launched on the market in October. The Broadway also has 27,000sqft of retail space at ground level that will include a wellness ecosystem.

Significant growth

Walid El Hindi, CEO of Real Estate at Shuaa Capital, said the significant growth of Shuaa’s real estate portfolio in the United Kingdom reflects its effective strategic vision to create opportunities that deliver long term value with high returns.

“We look forward to exploring further opportunities in line with our strategy and investing in the UK and embarking on many more world-class developments,” he said.

Northacre has more than 30 years of experience in the real estate sector, managing £2 billion worth of property projects and has completed 10 luxury residential projects in the heart of London covering more than one million square feet.

Shuaa Capital recorded Dh54 million net profit during the first half of 2021, highest in a decade and significantly increased from Dh5 million in first half of 2020.

The company also continues to strengthen its balance sheet thanks to its solid financials, with circa Dh400 million of borrowings and liabilities paid down in the past 24 months.

-- muzaffarrizvi@khaleejtimes.com