Funds bargain-hunt UK properties

Gulf investors have started buying up some of London’s trophy office buildings as prices dip to 25-year lows.

Al Salam Bank in Bahrain is the latest to enter the market with the purchase of Milton Gate in the City of London for US$220 million (Dh807.8m).

It acquired the seven-storey building from the UBS Triton Fund in a 50-50 partnership with the private equity firm Evans Randall, the bank said in a statement yesterday on the Dubai Financial Market website.