Feb. 1 (Bloomberg) -- Asian investors have about 28 billion pounds ($44 billion) in cash available for commercial-property purchases in London, more than any other group, Knight Frank LLP said.
In total, overseas investors have about 40 billion pounds to spend on income-producing offices and other non-residential real estate in the U.K. capital, said Stephen Clifton, the broker’s head of investment in the City of London financial district. Middle East investors, the second-biggest group, have 8 billion pounds available, he said at a presentation today.
About a third of all of the investments in London commercial real estate last year were by first-time buyers in the city, Clifford said. Wealthy individuals including British citizens now own 10 percent of all investment property in London by volume.
--Editors: Andrew Blackman, Ross Larsen.
To contact the reporter on this story: Neil Callanan in London at email@example.com.
To contact the editor responsible for this story: Andrew Blackman in Berlin at firstname.lastname@example.org.