Jadwa to invest £500m in UK

Jadwa Investment, a company part-owned by the Saudi royal family, and CIT, a European property investor, have acquired the King’s Reach Tower on London’s south bank for £60m ($89m) and plan to invest a further £500m in the UK real estate market.

Jadwa has invested £140m in UK property – including Hull’s largest shopping centre in March – and King’s Reach Tower is the fourth joint Jadwa-CIT acquisition.

The price paid for King’s Reach was almost a quarter below the price paid the last time it was sold in 2006, said Jadwa. The purchase of the tower and adjacent podium building includes a planning consent for redevelopment and Jadwa and CIT plan to invest a further £200m in the property.