Billionaire Businessman Looking for Marbella Property Investments
Billionaire Businessman Looking for Marbella Property Investments
Posted July 14th, 2017 by Kelly Anne & filed under News.
Dubai billionaire real-estate mogul, Hussain Sajwani says he has $3 billion in cash and is eyeing property investments in Marbella, reports arabianbusiness.com.
Sajwani is one of Dubai’s most successful real estate businessmen and after exhausting investment options across the Middle East is now ready to expand his European portfolio.
The businessman is armed with a healthy budget and is eyeing property investments in Marbella on the Costa del Sol and Berlin, according to arabianbusiness.com.
Sajwani formed his real estate business Damac Properties Dubai Co. in 2002 and has completed a number of award-winning residential, commercial and mixed-use projects across the world. One of his most recognisable developments is DAMAC Hills built around the 18-hole Trump International Golf Club Dubai, which won ‘Best Golf Development’ in the world at the International Property Awards in London in 2013.
Sajwani has close business relations with the Trump family and is feeling the benefit of being, as he described himself in a press release, “Trump’s Middle Eastern business partner”.
It is not the first time this year that big real estate investors have been drawn to Spain and indeed the Costa del Sol; British developer Intu, is planning to invest €550 million in its new shopping and leisure development in Torremolinos and South Africa’s Vukile Property Fund has identified Spain as a key growth destination through a tie-up with Castellana Properties. “Vukile now offers the most focused exposure to Spanish property available in the SA Reit market,” says Vukile CEO, Laurence Rapp.
In fact Spain’s property investment sector is booming; in the first quarter of the year (Q1) residential property assets in Spain rose by 13% to €444.21 million, according to a report by real estate investment manager, CBRE, with investments in retail premises accounting for 40% of the total.
The total sum invested in property assets in Spain reached €3.417 billion in Q1, 50% more than Q1 of 2016; international investors accounted for 70% of the total amount of investment.
Sajwani has already invested ￡ 400 million ($516 million) in a luxury tower development south of the River Thames in London which is due to be completed in 2019 and it now seems that it will not be long before one of his recognizable luxury development projects crop up in Marbella.