A property investment firm that buys on behalf of the Qatari royal family has shrugged off Brexit jitters in London’s offices market and acquired a South Bank building for around £60 million.
Sources told the Evening Standard that Alduwaliya Asset Management has bought the multi-let seven-storey 51,000 square feet office-led Harlequin building on Southwark Street.
Alduwaliya is understood to have been attracted to steady rental income and longer-term property value growth.
The firm already owns a number of properties in the area including Ofcom’s HQ Riverside House.
Harlequin was bought from investor Meadow Partners in a deal brokered by agent Michael Elliott. All declined to comment.
The decision to invest is in contrast to a number of nervous buyers waiting to see what the market looks like after Brexit.
Just £2.2 billion of London office purchases were agreed in the three months to September 30, down from £5.1 billion in the third quarter of 2018.