Issue No 282 - 08 Sep 2008
Asteco announces key appointment

Asteco has appointed Richard Angel, a real estate veteran, key advisor to GCC-based clients on investments in European and US markets as part of the company's efforts to bolster its global investment arm.

Angel, an experienced investment consultant with considerable knowledge of changing global property trends, will be advising Asteco’s GCC-based clients on inward investment into the UK, European and American markets, with Asteco’s director of investment agency, Simon Gray, continuing to advise on the Asian market.
“Investments from the Middle East in Western property markets have increased significantly and we are witnessing a large number of regional investors diversifying their portfolio by looking at markets outside of the region,” said Andrew Chambers, managing director of Asteco.

“By having an experienced on-ground consultant such as Richard here in its team, Asteco will be able to guide our regional clients on market conditions prevalent across the globe and identify suitable opportunities before they make their decisions,” he added.

Angel’s appointment will bolster Asteco’s collaboration with Savills and help to further build access to European markets.

Asteco is co-operating with the new Savills Capital Advisors team (based in London), who have considerable experience in structuring Shariah-compliant funds as well as extensive relationships in the GCC region.

Working with Savills, Asteco is well positioned to manage GCC capital into direct and indirect real estate transactions globally.

“With considerably better spending power than elsewhere in the world, investors in the Middle East, and especially in the GCC, are well-positioned to enter mature western markets such as the UK and the US where they are seeing growing yields and diminishing competition,” Angel explained.

“GCC investors are identifying opportunities in the US and UK as excellent long-term investment options, as they rush to capitalize on the slump in the real estate markets in these regions,” he added.

Source: Trade Arabia News

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