Home / Business and Economy / Middle East Buys London's 'Can of Ham' for £340M
Middle East Buys London's 'Can of Ham' for £340M
10 Dec
Summary
- Abu Dhabi-backed fund acquired London's 'Can of Ham' skyscraper.
- The deal, valued at £340 million, is the year's largest office transaction.
- Demand for City office space surges amid declining new developments.
London's distinctive "Can of Ham" skyscraper has been acquired by an investment fund backed by Abu Dhabi, signaling a significant influx of Middle Eastern capital into the city's real estate. Hayfin Capital Management, co-owned by Mubadala Investment Company, led the £340 million deal, which is the largest office transaction in London so far this year.
The 21-storey tower, known for its unique curved shape, was purchased to capitalize on the robust demand for high-quality City office spaces. This demand is heightened by a scarcity of new developments, attributed to rising construction costs and the lingering effects of the pandemic. Experts predict the City could face a space shortage within three years.
This acquisition aligns with a broader trend of increased investment from the UAE and other Gulf states into the UK property sector. Investor confidence in Britain's market is reportedly high, driven by favorable interest rates and appealing property prices, encouraging substantial investments in London's housing and commercial sectors.
