London is to receive a major round of investment from a Middle East-based MFO.

Sidra Capital, a Saudi-based multi-family office, intends to invest £1.0 billion ($1.25 billion) in UK commercial property, media reports said. 

The new venture, Sidra Capital UK, will target prime office buildings located across the capital from the West End to Canary Wharf, according to PropertyWeek.com.

“The scale of our ambitions demand a more formalised structure and under Sidra Capital UK we will be able to capitalise on our previous successes to date and build on our exemplary reputation and capital,” Jesdev Saggar, managing director at 3 Associates Capital, who will head up the new venture, was quoted by the publication as saying.

Sidra has already developed a UK footprint. Last year, the MFO announced its largest transaction to date, the acquisition of Kinnaird House on behalf of a Saudi investor. The building, which is located near Trafalgar Square, Central London, was bought for SAR460 million ($122.6 million) from German fund manager GLL Real Estate.  

The fall in the value of sterling since the Brexit vote has already been associated with overseas buying of UK real estate, particularly given the fall in the value of sterling, which has made UK property more attractive to foreign investors.