Al Salam Bank, a Bahraini investment company, has closed a £127 million commercial property deal for 1 Moor Lane in London.
Assisted by private equity group Evans Randall, the bank is one of many foreign investors to jump in at the bottom of the market after a difficult 18 months which has seen nearly 50 percent wiped from the value of property portfolios.
Middle Eastern investors have been particularly keen to take advantage of rock-bottom prices. As a result, interest in the sector has picked up considerably over the last few weeks.
A year ago, UBS were unable to find a satisfactory buyer for the building, which is let to law firm Addleshaw Goddard. This time, interest was comparable to levels before the beginning of the crash. The sale was made in such a way as to comply with Sharia banking regulations.