A company part-owned by the Saudi royal family, Jadwa Investment and a European property investor, CIT, have purchased the King’s Reach Tower on London’s south bank worth £60m and plans to further invest £500m in the UK real estate market. King’s Reach Tower is the fourth joint Jadwa-CIT acquirement in which plans are well under way for redevelopment.
Fadi Tabbara, Jadwa Investment’s chief investment officer, said “The pound exchange rate is low, which makes investment in the UK inviting, and the legal structure is simple and transparent.”
Both companies are targeting a return of 20 per cent or more on their King’s Reach investment. Jadwa has plans to also to invest a further £300m or more in mixed-use, residential and commercial property in the UK.