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
This purchase seems to indicate that their interest in the UK, both in and out of London, is set to continue.