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Prince Abdullah Bin Mosaad Bin Abdul Aziz Al-Saud, the grandson of the founder of the Kingdom of Saudi Arabia and the nephew of the king, has joined Darin Partners as a shareholder and board member, hoping to capitalise on the UK property market in the commercial and office sector.
The chairman and majority shareholder of Sheffield United football club is has set his sights on UK real estate and proposed a business plan to invest millions of pounds in UK commercial property through a London-based real estate firm which specialises in investor acquisitions.
Eugene O’Sullivan, Managing Director at Morgan Pryce and one of London’s leading Chartered Surveyors, explains; “The UK, especially its capital, has seen a great influx of foreign money; post Brexit, foreign buyers were buying at up to a 20% discount. Further to this, investors like Price Abdullah Bin Mosaad Bin Abdul Aziz Al-Saud and Chinese investors are simply parking their money in the country.”
Following the move, Darin Partners is expected to invest around £200 million in the UK in the next 12 months, more than doubling the size of the firm’s portfolio. Although a figure for Prince Abdullah’s personal investment has not been revealed, it has been described as “substantial amount of capital”
The corporation is on the lookout for investment opportunities in London, and has also explored other regions of the UK, such as the South East and other major cities. O’Sullivan states; “It is a buyers’ market and worthwhile off-market opportunities are hard to come across.”
Prince Abdullah’s investment in Darin Partners will allow the company to accelerate its acquisition programme. Since its creation in 2015, it has acquired more than £175 million of assets in the UK.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.