Damac Properties to double stake in London's Nine Elms project

The Dubai property developer's board approved raising its ownership stake to 40% from 20%

Damac Properties increased its shareholding in the Nine Elms project in London. Pawan Singh / The National

Damac Properties, the UAE's third-biggest property developer by market capitalisation, will double its share in the Nine Elms project in London, the company said.

The company's board approved increasing its stake to 40 per cent direct and indirect ownership, from a 20 per cent indirect stake, Damac said in a filing to the Dubai Financial Market, where its shares trade.

The move was approved during a company board meeting held on Wednesday, the developer said.

Nine Elms is a 50-storey tower located in London's South Bank. It has 450 one, two and three-bedroom apartments for sale. About 60 per cent of the units have been sold and the project is due to be completed by the end of next year, a senior executive from the company told The National in October.

The majority of the Nine Elms project is owned by Dico Group, a private company owned by Damac Properties' majority shareholder Hussein Sajwani.

Damac owns and operates the Middle East’s only Donald Trump-branded golf club – the Trump International Golf Club in Dubai.