Monaco-based property and development company M1 Group will spend GBP400 million on property this year despite increased competition, after signing the largest office deal in London's West End since 2007, Chief Executive Moustapha El-Solh said.
The private company, which is looking to invest in prime property with good tenants ensuring stable income, has cash to invest. Because it doesn't need to arrange financing, M1 can move quickly and secure exclusive talks.
"The past 12 months have been hectic and there is a lot of competition in London's property market ... but vendors prefer all-equity buyers" to secure deals, said El-Solh.
Although there is more competition, there also are more properties coming onto the London market. Property consultants Jones Lang LaSalle currently is marketing London trophy building 1-3 Buckingham Gate for £78 million, the National Magazine House at Carnaby Street for GBP45 million and Charlotte House at 11-14 Windmill Street for GBP15 million.
While prices are firming up and there are more overseas buyers and institutional investors in the market, El-Solh is confident of beating rivals because of M1's cash position. "We have the financial resources to close deals," he said.
Wall Street Journal
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment