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Commercial Property News
Dubai developer invests in London real estate
Commercial property developer DP World has announced the acquisition of development land in London.
The firm has purchased the real estate from Royal Dutch Shell for £136 million and the purchase means the first phase of the London Gateway logistics park and port can now begin.
In an statement to the London Stock Exchange, the Dubai-based company said it is "pleased to announce it has decided to proceed with construction of essential infrastructure that lays the foundation of the facility".
It said it had made the decision after conducting a review of the options that were available to the business in the present economic climate.
Gordon Brown and business secretary Lord Mandelson visited the £1.5 billion site today (January 5th).
The prime minister said he was "delighted" that the "world-class project" will be located in the UK.
He added that the 1,500-acre facility will help promote future growth and ensure economic prosperity in the country.
The firm has purchased the real estate from Royal Dutch Shell for £136 million and the purchase means the first phase of the London Gateway logistics park and port can now begin.
In an statement to the London Stock Exchange, the Dubai-based company said it is "pleased to announce it has decided to proceed with construction of essential infrastructure that lays the foundation of the facility".
It said it had made the decision after conducting a review of the options that were available to the business in the present economic climate.
Gordon Brown and business secretary Lord Mandelson visited the £1.5 billion site today (January 5th).
The prime minister said he was "delighted" that the "world-class project" will be located in the UK.
He added that the 1,500-acre facility will help promote future growth and ensure economic prosperity in the country.
Tue, 5th Jan 2010