Abu Dhabi brings brief home
The Abu Dhabi royal family is considering bringing the management of its vast London estate in house, potentially ending a lucrative long-term contract with Lancer Property Asset Management.
Lancer has created and managed the secretive family’s property, which is now valued at in excess of £5bn, for well over a decade.
The group has worked to keep much of the family’s UK real estate investment, which includes the Berkeley Square Estate in Mayfair, the Knightsbridge Estate and numerous other high-value assets in the capital, including the former BHS flagship on Oxford Street, W1, under the radar.
The Abu Dhabi royal family is considering bringing the management of its vast London estate in house, potentially ending a lucrative long-term contract with Lancer Property Asset Management.
Lancer has created and managed the secretive family’s property, which is now valued at in excess of £5bn, for well over a decade.
The group has worked to keep much of the family’s UK real estate investment, which includes the Berkeley Square Estate in Mayfair, the Knightsbridge Estate and numerous other high-value assets in the capital, including the former BHS flagship on Oxford Street, W1, under the radar.
However, the Abu Dhabi royal family, the Al Nahyans, is now understood to be in talks with Jassim Alseddiqi’s Abu Dhabi Financial Group to take over management of the estate. Sources said that the style of management would be the polar opposite of Lancer’s traditionally low-profile approach.
Lancer declined to comment on the change of strategy but sources said the firm was in continuing discussions about whether to retain a relationship with the Al Nahyans.
Since the financial crisis some of the world’s largest private offices, sovereign wealth and pension funds have sought to take more aspects of their businesses onshore to enhance their control over investments.
ADFG has been investing heavily in London over the past few years with a circa £2.5bn portfolio of projects. In 2014 it paid a whopping £370m – some £120m over the asking price – for New Scotland Yard, SW1.
The group, which works with and is invested in Northacre, plans to turn the former Metropolitan Police HQ into a luxury residential scheme. It also owns 1 Palace Street, SW1, a development of 72 £30m flats a stone’s throw from Buckingham Palace.
An ADFG spokesman said: “It is the policy of ADFG not to comment on market rumour and speculation.”
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