An Azerbaijani Private Equity firm has purchased London office space.
United Enterprises International have agreed to buy offices in Westminster, marking the first foray into the UK office market for the Azerbaijan company.
Azerbaijan’s Private Equity House has acquired commercial property at 2 Queen Anne’s Gate in SW1 which overlooks St James’s Park, after purchasing the offices from a French pension fund who had been there.
The majority of the property’s 9,200 square foot of office space will be utilised by UEI, with the remainder looked after as part of a larger investment.
Once refurbished the site will be ready for the company to move into and will double the properties which the firm own in London.
Previously UEI bought a restaurant formerly called ‘Mint’ which is located in Sloane Street. The company have since started the process of completely altering the site in order to arrange a set up which will suit them. The Russian-themed restaurant should be ready for an April opening.
Speaking about the office purchase, Chris Bond Property Director of UEI said: “We are very pleased that we have been able to secure such an exceptional property for our UK HQ.
“We intend to continue our UK Acquisition Programme during 2011, targeting both the office and leisure sector, which will complement our other global assets,” he added.
UEI now has offices in London, German Rhineland city Dusseldorf as well as it’s headquarters in Baku, the capital city of Azerbaijan.
Originally one of 15 former Soviet republics which broke away from the Soviet Union in 1991, Azerbaijan has started to flex its economic muscle thanks to the reserves of oil it has in the Caspian Sea.
The nation may only be celebrating two decades of independence but it was briefly independent between 1918-1920 before being swallowed up by the Soviet Union.
Its most famous person in English eyes at least is Tofiq Bakhramov, the ‘Soviet linesman’ who decreed Geoff Hurst’s shot crossed the line in the 1966 World Cup final.