DUBAI, UAE: – Onex Holding announces a new joint venture partnership for the landmark Old War Office development (‘The OWO’) through the acquisition of a 49% stake from the Hinduja Group. Onex Holding is a leading private investment group headquartered in Dubai that develops and operates major infrastructure assets in emerging and Western markets.
The Old War Office building will launch from late 2022 with a Raffles hotel, 85 Raffles branded residences and 11 restaurants and bars. The residences are attracting interest from Middle Eastern investors who have long had an affinity with property purchases in super prime central London – 16%* of all London sales to overseas buyers in the first three months of 2021 were to Middle Eastern buyers, up from less than 10% in the second and third quarters of last year. Buyers from GCC are ranked third most prominent in the UK after Asia (18%) and Europe (59%).
The historic Old War Office building, originally completed in 1906, is a grade II* listed landmark building on Whitehall, one of London’s most historically significant addresses. It was the office of influential political and military leaders including Winston Churchill and David Lloyd George, and inspired Ian Fleming to write the infamous James Bond series.
Ramez Attieh, Senior Adviser of Onex Holding, said: “Our investment in The OWO Project is aligned with Onex’s strategy to invest in high quality assets and forge strategic partnerships with leading global organizations. We are excited to partner with the Hinduja Group on this project and we look forward to delivering this landmark project in the very near future.”
Vivek Nanda, on behalf of the Hinduja Group, commented: “We welcome Onex as our JV partners. Both the Groups share a common vision in creating The OWO as an exemplary and iconic global destination in London.”