Skip to content Skip to Search
Skip navigation

Saudi-backed Oryx plans logistics centre in UK

An impression of the planned Oryx logistics site in Milton Keynes Oryx
An impression of the planned Oryx logistics site in Milton Keynes
  • Five-acre site purchased
  • UK market recovering
  • £2.5bn from Gulf in 2024

Oryx Real Estate Partners, a UK-based investment and asset manager, has acquired a five-acre development site in Milton Keynes on behalf of a consortium of GCC family offices, mainly from Saudi Arabia. 

The company, whose chairman and co-founder Fawaz Al Rahji is also chairman of Saudi family office Al Rahji Partners, plans to invest between £25-£30 million ($31-$37 million) redeveloping the site into a 10 million square metre logistics hub. 

The value of the deal, Oryx’s first logistics acquisition, was not disclosed.

The company is targeting the sector’s high income growth prospects and strong occupier demand. 

Following a slowdown in UK commercial real estate due to high interest rates, inflation and the pandemic, the market has started to recover led by the industrial and residential sectors. 

Average rental growth for UK industrial is expected to reach around 4.2 percent in 2023, according to consultancy Knight Frank. This is below the levels recorded over 2021-2022 but in line with pre-pandemic years. 

There continues to be a strong appetite for UK real estate among Middle Eastern investors, driven by falling UK property prices, favourable exchange rates and rapid economic growth in the GCC. 

Investors from the region are expected to pump £2.5 billion into UK property in 2024, according to Bank of London and the Middle East. 

Oryx was founded in 2019 by Al Rahji and managing partner Johan Eriksson, who previously worked for a subsidiary of the family office. 

Oryx advises international investors seeking to allocate capital to UK and European real estate and sets up vehicles for acquisitions. A planning application has already been submitted for the Milton Keynes site, acquired from distribution company WH Barley. Pembury Real Estate is the development partner.

“After a period of being active in the logistics market, we exited our positions in 2020,” Al Rahji said.

“Following the correction in land values over the past years and the continued potential of rental growth, we believe it is an opportune time to re-enter the market. 

“We value the UK real estate market highly due to its landlord-friendly legislation, long standing international interest and attractive opportunities arising due to liquidity requirements and growing distress. This sentiment is shared by our clients.”

Latest articles

Saudi Comac Dongfeng He Bandar al-Khorayef

Chinese planemaker banned by US woos Saudi airlines

The boss of a leading Chinese planemaker arrived in Saudi Arabia this week to pitch his aircraft just as the United States said it was close to finalising a defence agreement with Riyadh that is meant to limit its trade links with China.  Dongfeng He, chairman of Comac, the Commercial Aircraft Corporation of China, wants […]

The UAE's minister of industry and advanced technology, Sultan Al Jaber, left, met Karl Nehammer, Chancellor of Austria, for talks on trade

Austrian finance unicorn to open in UAE

Austria’s first unicorn has announced plans to set up in Dubai, as officials from the UAE hold top-level talks in Vienna to build on a 22 percent increase in bilateral trade last year A unicorn is a startup company valued at more than $1 billion that is privately owned and not listed on a share […]

Mads Bo Larsen, vice-president of Novo Nordisk UAE, says a local plant 'will not solve anything' in the face of the country's Ozempic shortage Video length: 3:39

UAE diabetics face Ozempic shortage due to weight-loss users

The manufacturer of Ozempic is “troubled” by the fact the drug, which was designed to help people with diabetes, is in short supply in the UAE because of the high number of consumers using it for its weight loss side-effects. Danish pharmaceutical company Novo Nordisk introduced Wegovy, a drug meant to specifically tackle obesity, to […]

A market in Cairo. The meeting of the central bank’s MPC was its first since Egypt secured $8 billion in financial support from the IMF in March

Egypt holds interest rate hike despite slowdown

The Central Bank of Egypt has kept its key interest rates unchanged despite a slowdown in economic growth. The monetary policy committee (MPC) left the lending rate unchanged at 28.25 percent and the deposit rate at 27.25 percent. Inflation has eased since the annual headline and core inflation peaked at 38 percent in September 2023 […]