52-60 AVENUE DES


CHAMPS ELYSÉES, PARISBOUGHT BY


QATAR INVESTMENT AUTHORITY


FOR AROUND €500M


The country’s London assets are now so


extensive that QIA recently set up an asset management company to take charge of its real estate projects in the city. These include Western Europe’s tallest building, The Shard in SE1 and Park House, W1, the 300,000 sq ft (27,900 m2) Land Securities-developed shopping centre on Oxford Street. At the other end of the scale, Dubai, once a keen investor in European real estate, has turned into more of a seller in recent years as the emirate attempts to recover from the 2009 Dubai World crisis. In November its investment fund, Istithmar, exchanged contracts to sell the Adelphi Building, WC2 to Blackstone for around £260m. Saudi Arabia too has been fairly quiet on the international property purchasing scene in recent years as the country’s surpluses have fallen. And the Middle East’s other major sovereign wealth fund, Abu Dhabi Investment Authority, although still a keen investor in European real estate, also appears to be slowing some of its European real estate investment activity and turning more attention to local projects. While surplus oil revenues generated by the


government are automatically put in the ADIA pot, other public bodies such as Mubadala, which is developing Abu Dhabi’s first eco-city and the city’s new office quarter, are also able to bid for funds. Moreover, as funds from such countries as


BANK OF AMERICA’S


EUROPEAN HQ IN LONDON’S


DOCKLANDSUNDER NEGOTIATION WITH KUWATI GOVERNMENT


ZUIDENPORT OFFICE PARK, BELGIUMBOUGHT BY ABU DHABI INVESTMENT AUTHORITY FOR £110M


RECENT MIDDLE EASTERN INVESTMENT IN EUROPE


EURO PROPERTY


MIASTECZKO ORANGE OFFICE MARRIOTT


HOTEL AVENUE DES CHAMPS


ELYSÉES, PARIS BOUGHT BY ABU


DHABI INVESTMENT AUTHORITY FOR €215M


China, Singapore, South Korea, Malaysia, Canada,


PARIS ST GERMAIN


FC BOUGHT BY


QATAR INVESTMENT AUTHORITY,


Australia and Norway become more active in Europe, Middle Eastern funds, with their slow decision-making processes and strategy for purchasing only trophy assets, are starting to take more of a back seat. “Middle Eastern investors no longer tend to be the ones driving the market,” says Neil Blake, head of research for the UK, Europe, the Middle East and Africa. “As the European economies recover, as we expect them to do over the next


VALUING THE CLUB AT €100M


two to three years, we would expect Middle Eastern investment to build back up towards the 2007 peak figure.” “However, as this happens, more


‘less-risky’ investment opportunities will


become available in what are now perceived to be the secondary markets. That’s where the bargains are potentially but there is also more risk. And an increasing number of players are looking at taking those risks but at the moment Middle Eastern investors are probably a bit too cautious to be among these.”


IN ASSOCIATION WITH


COMPLEX, WARSAW BOUGHT BY QATAR INVESTMENT AUTHORITY


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