Dubai property developer Damac to buy London office space for first time

Dubai property developer Damac to buy London office space for first time

Dubai-based property developer Damac plans to buy London office space for the first time in a bet the struggling market will bounce back.

The luxury group, known for developing Donald Trump’s golf course in the Middle East, aims to snap up the offices at bargain prices and turn them into plush places to work that meet ESG standards.

“London is still a cosmopolitan city,” Damac chair Hussain Sajwani told the Financial Times.

“Demand is there if you find the right asset, the right price, fix it, change the tenant mix, make it more friendly environmentally and push it to a higher end.”

Sajwani did not disclose how much he was planning to spend overall, but said he would look at property on a case-by-case basis with the intention of paying £100mn or £500mn per office, depending on location.

The company will target prime areas, including Mayfair, Victoria and Canary Wharf and favours locations where planning permits are easier to secure.

It will be the first time the group, which also owns Italian luxury fashion house Roberto Cavalli, has bought office space in Europe.

It chose London because of the bargain prices in a sluggish market with vacancy rates rising due to a combination of hybrid working and