June 23, 2019 (Manchester / Jeddah)
According to an article on Zawya, Cedar Tree Investments, a company whose assets are managed by Jeddah-based AIMS Investments, has bought three buildings in Manchester city centre and one in the Rusholme district close to the city’s main university campuses. The buildings – Basil House, Salisbury House in Manchester and properties on King St and Great Western Street in Rusholme – were sold by Beech Holdings, a Manchester-based developer that specializes in renovating older buildings.
In the article, Abdulaziz Albassam, CEO of AIMS Investments, described the acquisition as “an important step towards realizing the investment strategy for Cedar Tree Investments in the UK”. “We remain committed to establishing a sizeable portfolio in the UK over the coming 2-3 years,” he added.
The head of real estate at ADIB UK, Paul Maisfield said: “We continue to see strong demand from Middle Eastern investors for the yield offered by UK real estate.”
Read the original article on Zawya: Saudi investment company buys four Manchester buildings for almost $50 million