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Asian Investors Target 28 Billion Pounds for London Real Estate

Feb. 1 (Bloomberg) -- Asian investors have about 28 billion pounds ($44 billion) in cash available for commercial-property purchases in London, more than any other group, Knight Frank LLP said.

In total, overseas investors have about 40 billion pounds to spend on income-producing offices and other non-residential real estate in the U.K. capital, said Stephen Clifton, the broker’s head of investment in the City of London financial district. Middle East investors, the second-biggest group, have 8 billion pounds available, he said at a presentation today.

About a third of all of the investments in London commercial real estate last year were by first-time buyers in the city, Clifford said. Wealthy individuals including British citizens now own 10 percent of all investment property in London by volume.

To contact the reporter on this story: Neil Callanan in London at ncallanan@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman in Berlin at ablackman@bloomberg.net.

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