Saudi Money Is Now A Thing In Manchester Property
Middle Eastern money, much of it from Israel or the Gulf, has long been a feature of Manchester’s property market. Now a wave of Saudi finance is broadening the city’s international base as the country diversifies away from a reliance on oil and seeks higher-growth opportunities outside London.
Saudi investors think they have spotted opportunities neglected by Gulf rivals, who began to pull out of high-priced London in 2018. Together with Kuwaiti investors, they are leading what pre-pandemic analysts expected to be a £4B push into UK real estate.
Beech and AIMS began working together last year. The first serious sign of growing Saudi interest in Manchester came in June 2019 with Riyadh-based Cedar Tree Investments' £39M acquisition of four Manchester city centre assets from Manchester Apartments, the property and lettings division of Beech Holdings. Cedar Tree is associated with AIMS Investments.
In a separate move, Saudi-based Majdiah Residence has decided to press ahead with the residential redevelopment of the 178K SF Meadow Mill, Stockport. The developer acquired the 200-unit site in 2018 from William George Homes, and now intends the £15M redevelopment to complete by mid-2021, PlaceNorth West reported.
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