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Investate acquires prime waterfront site in London with plans for a $750m residential development

Bahrain: Monday, June 30 - 2008 @ 14:52

The site occupies an enviable position in Central London fronting the River Thames and overlooking the prestigious and highly desirable neighbourhood of Chelsea. The property is one of the last prime waterfront locations available for redevelopment in London and generated a strong competitive interest from most of the leading UK developers.

The CEO of Investate, Mr. Salah Nooruddin commented, “I am immensely proud that Investate has successfully completed an acquisition of this significance in the highly competitive London market at such an early stage in Investate’s history. Investate assisted by leading professional advisors and consultants, acted to out-manoeuvre other potential purchasers to secure this exceptional site.

I am also delighted with the strong support from Investate’s shareholders, a group of whom co-invested on this acquisition, namely The First Investor from Qatar, Rashed Al Rashed & Sons Group from Saudi Arabia and Omniyat Holdings from UAE. Having these respected organisations partner with Investate on this transaction underscores the strength of our shareholder base and interest in this property.”

Mr. Nooruddin explained: “Tideway Wharf, as the site will be known, enjoys an outstanding riverside location adjacent to Chelsea Bridge. The site is ideally positioned to benefit from London’s announced regeneration plans and both current as well as future developments in the neighbouring area. These include Chelsea Bridge Wharf, Foster and Partners’ Albion Riverside and St. George Wharf. Future developments such as the adjacent Battersea Power Station site, currently being master planned by Uruguayan master architect Rafael Vinoly and the nearby Chelsea Barracks, recently purchased by Qatari investors for a large-scale redevelopment, will ensure significant value enhancement for this project and the entire surrounding area.”

London which is the financial capital of the world, has been a preferred residential destination of the world’s elite. The limited supply of prime residential real estate in Central London, coupled with an ever increasing global wealth generation and hence the unmet demand, mean that additional supply of prime residential properties in Central London is expected to be absorbed quickly by a wide variety of international clientele.

Mr. Nooruddin concluded, “Investate along with leading regional developer Omniyat Properties will be engaging prestigious international architects and consultants to carry out an estimated $750m residential development on the site, transforming it into one of the premium addresses in London. We look forward to making further exciting announcements on this and other projects in the near future.”

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Monday, June 30- 2008 @ 14:52 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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