Properties will be converted into luxury residential apartments
17th September 2012 (Doha, QATAR) - Qatar First Investment Bank (QFIB), Qatar's first independent Shari'ah compliant investment bank authorized by the QFC Regulatory Authority, announces the acquisition of two properties in prime locations in Central London - The Leinster Inn Hotel at Leinster Square, and Westbourne House, Westbourne Grove, London.
QFIB has acquired these prime properties in association with a consortium of investors from the GCC. The two transactions were structured and managed by the Bank's Strategic Investments Team. The objective of these acquisitions is to capitalise on the growing demand for real estate in Central London by converting both properties into high-end luxury residential apartments. The consortium has appointed the Alchemi Group, a leading property development company in the UK, as the Development Manager.
Emad Mansour, CEO of QFIB said: "We are pleased with these two acquisitions in spite of the fact that they are outside our target geographical market. Due to the growing global demand for London's prime residential property sector, these deals presented themselves as an attractive opportunity for QFIB to enter the UK market. We are optimistic that once the conversion of the properties is complete, they will be attractive to international buyers who are looking to invest in prime properties which in return will yield substantial returns to our investors".
The Leinster Inn is a grade II building that dates back to 1857. This terraced building spans 31,500 square feet and is located in the heart of the Bayswater Conservation Area in the City of Westminster. Located in nearby Westbourne Grove is Westbourne House, a 1980's office building, which features 35,047 square feet of high quality office and retail space.
London property prices have outperformed the wider mainstream market in recent years, underpinned by continued demand from local and overseas buyers, despite the economic turmoil since the financial crisis. Knight Frank forecasts this trend to continue, particularly in areas that will benefit from improved transport links, regeneration, and increased demand.
About QFIB
Established in 2009, Qatar First Investment Bank (QFIB) is a Shari'ah compliant investment bank well positioned to work across the MENA region. QFIB is unique in Qatar, simultaneously independent and central to the market, providing clients and counterparties with access to one of the region's deepest pools of capital. Adopting an investment strategy that centres on sector and geographical diversification, QFIB's target sectors include the energy, financial services, industrials, real estate, and health care services.
QFIB is the first independent Shari'ah compliant investment bank licensed by the Qatar Financial Centre Regulatory Authority (QFCRA) and is ISO 27001 certified. Offering Principal Investments, Asset Management and Corporate Finance Advisory services, QFIB operates to the highest of international business regulatory standards and corporate governance.
As part of QFIB's long-term commitment to its shareholders, the company aims to list its shares on the Qatar Exchange in 2012.
In 2011, QFIB was awarded "Best Investment Bank in the GCC" at the Islamic Business & Finance Awards organized by CPI Financial.
About Alchemi Group:
Alchemi Group is a real estate investment, development management and property development company that specialises in identifying the future value of residential, commercial and mixed-use property in Central London and maximising its potential.
The Group's aim is to provide clients (investors) with above average returns on their capital by purchasing well located, underperforming properties or sites with development capabilities. Alchemi then improve them in whatever manner is best for the site in order to sell the end product for the maximum return.
The Group intends to purchase 50,000 -100,000 sq. ft. of office space in Central London per annum to convert into residential space, an intention very much in line with current planning policy. Alchemi will seek to expand its infrastructure in line with future acquisitions, with the vision of becoming the leading developer of office to residential conversions in central London.
Ultimately, Alchemi looks to develop un-modernised real estate into spaces that are thoughtfully designed, well executed, environmentally friendly, and provide the end user with good value for their money without sacrificing on specification.
Media Contact:
Samar Atassi
Head of Corporate Communications
Qatar First Investment Bank
Direct: +974 4448 3355
Fax +974 444 3560
Email: samar.atassi@qfib.com.qa
P.O. Box 28028 Doha,
Qatar
© Press Release 2012
