Damac May Invest Up to $1.3 Billion in London Properties - Bloomberg

Damac May Invest Up to $1.3 Billion in London Properties - Bloomberg:

#Dubai’s Damac Properties PJSC plans to take advantage of the weak pound to invest as much as 1 billion pounds ($1.3 billion) in London’s real estate market.

Chairman Hussain Sajwani said the Dubai-based property developer is looking at deals with values from 500 million pounds to 1 billion pounds in central London. Even if the U.K. left the European Union without a trade deal, which some analysts predict would result in sharp drops in the pound and asset values, Sajwani said he would still invest. Damac has more than $1.6 billion in cash, he added.

“If it was a hard Brexit there will be more opportunities and we would be looking to take advantage of that,” Sajwani said in a Bloomberg TV interview at the World Economic Forum in Davos on Wednesday. “London is London and you buy when there is blood on the street.”