Savills - Appointment - Dubai

Date: 18 Sep 2008

With an aim to reach out to regional clients exploring global real estate investments, Asteco has announced the appointment of Richard Angel who will help in developing its international 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," explained 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 United States where they are seeing growing yields and diminishing competition," explained Richard Angel.

"GCC investors are identifying opportunities in the United States and UK as excellent long-term investment options, as they rush to capitalise on the slump in the real estate markets in these regions," Angel said.

Richard Angel

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