Dubai — Mubasher: The UAE’s Damac Properties is looking to invest more than GBP 1 billion ($1.3 billion) in London’s real estate market as weaker sterling makes the European city cheaper.

Damac is considering property deals at investments ranging between GBP 500 million and GBP 1 billion in central London, Bloomberg TV reported on Wednesday, citing the Dubai-based real estate giant’s chairman.

“If it was a hard Brexit there will be more opportunities and we would be looking to take advantage of that,” Hussain Sajwani added on the sidelines of the World Economic Forum (WEF), being held in Davos, Switzerland as of 22 January to 25 January.

“London is London and you buy when there is blood on the street,” he added.

On the other hand, Sajwani said that his firm is seeking to slash its obligations by around $300 million this year.

Damac is to settle the first tranche of due bonds worth $200 million next April, the chairman told Al-Arabiya TV.

Answering a question on investor concern about real estate firms’ liquidity, he noted that Damac has AED 6.5 billion in liquidity.

During the first nine months of 2019, Damac, the owner and operator of the only Trump-branded golf club in the Middle East, reported a profit of AED 1.092 billion, down from AED 2.304 billion a year earlier.