Dubai's Sobha opens UK office as PNC Menon eyes London bourse

Dubai's Sobha opens UK office as PNC Menon eyes London bourse
Sobha Global Studio marks the Dubai group's expansion to the UK.
Published: 31 March 2019 - 6:15 a.m.

Sobha Realty’s founder and chairman PNC Menon revealed plans to launch the Dubai real estate developer's UK office as the first step towards cross-listing the company on London Stock Exchange.

The launch of Sobha Global Studio at 92 Park Lane, comes days after the company opened its first sales office in Shanghai amid growing investments from China for its Sobha Hartland megaproject in Dubai.

Chinese investments in Hartland grew by 200% in the first two months of 2019, the company announced earlier this month.

Sobha Limited, the Indian unit of the multi-billion dollar real estate company chaired by Menon’s son Ravi Menon, is listed on Bombay Stock Exchange.

Speaking to Construction Week in February 2019, Menon said Sobha would target turnover of up to $408.4m (AED1.5bn) by the end of this year, eventually growing the figure to $680.7 (AED2.5bn).

The chairman added that he might float Sobha on London Stock Exchange or Dubai Financial Market after the company maintains this level of revenue for a couple of years.

“Unless we achieve revenue [of $680.7m] for at least one or two years, we may not go public," he told Construction Week.

"That is the benchmark for me to think about taking the business public.”

The newly launched Sobha Global Studio will overlook London’s Hyde Park, and promote the developer’s luxury residences to potential investors in the UK.

In a statement, Sobha added that its UK presence would also spur brand alliances and joint ventures with London-based luxury brands and real estate partners.

Commenting on the company's expansion plans, Menon said: “We are confident that [London] is the right platform to showcase our projects to the world.”

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