Saudi Investors Invest £39m In Manchester

Saudi managed Cedar Tree Investments has spent £39m on a portfolio of residential apartment blocks and retail units in Manchester.

Cedar Tree Investments, a company whose assets are managed by Jeddah-based AIMS Investments, has bought three properties in Manchester city centre and one in Rusholme a popular student area, comprising 163 units in total.

The portfolio has been sold on behalf of Manchester Apartments, the property management and lettings division of Beech Holdings, who will continue to manage the properties. Shariah funding for the purchase has been provided by the UK arm of Abu Dhabi Islamic Bank (ADIB UK).

Mr Abdulaziz Albassam, CEO of AIMS Investments, commented: “The acquisition of this portfolio of high quality assets, located in prime locations within a major regional market, is an important step towards realising the investment strategy for Cedar Tree Investments in the UK.  We remain committed to establishing a sizeable portfolio in the UK over the coming 2-3 years.”

Middle Eastern backed investors have been very notable for their investments in London over the last few years, but are also involved in the regional markets and particularly Manchester. This purchase seems to indicate that their interest in the UK, both in and out of London, is set to continue.

Source Beech Holdings
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