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Bahrain’s Salam buys London property worth US$220m

MANAMA, June 14 – Bahrain-based Islamic bank Al Salam said on Sunday it acquired London’s Milton Gate office tower from UBS Triton Fund in a deal worth more than $220 million as Gulf Arab investors return to Western property markets.

The bank said in a regulatory statement it acquired the property in partnership with privately owned investment house Evans Randall.

It said it expected the investment to generate cash yields of at least 10 per cent per year, and that it was considering further private equity and real estate deals in Europe.

Gulf Arab investors have been holding on to funds for months after the region was caught up in the global liquidity freeze late last year, but are now buying into Western real estate again to benefit from lower valuations.

An Omani wealth fund earlier this month bought a 75 per cent stake in London office landmark Bishops Square from Hammerson.

Bahrain- and London-listed investment house Investcorp said last week it acquired mortgage loans in the United States worth $170.9 million to take advantage of low real estate prices. – Reuters

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