NEW YORK CITY-Expanding its global commercial real estate platform to the Middle East, Newmark Knight Frank’s global partner, Knight Frank, has entered into a partnership with the real estate arm and subsidiary of the National Bank of Abu Dhabi, GlobeSt.com has learned.
The partnership between Knight Frank and the Abu Dhabi National Property Co. will provide the bank’s client base with direct access to property both inside and outside the United Arab Emirates and links to capital markets around the world. The arrangement will also allow Knight Frank’s global residential and commercial clients greater reach into Middle Eastern capital flows, providing a new way to mitigate risk while adding value.
“The Middle East is a tremendously valuable region for both capital markets and corporate services business,” says James D. Kuhn, president of Newmark Knight Frank, in a statement. “With the strength of the petrodollar, there will be a continued proliferation of business going in and out of the region.”
The partnership comes at a time when several large projects in the UAE are still being completed. According to a recent market update from Knight Frank, office vacancy rates are forecasted to rise further with the delivery over 500,000 square feet of new product in 2012, which will exacerbate the supply and demand imbalance in Abu Dhabi.
Nick Thomlinson, a senior partner at Knight Frank, says the collaboration between the brokerage and bank will be “absolutely vital” to unlock the region’s wealth to benefit both NBAD’s client base and our international clients. “The combination of brands will be powerful force in the global property markets,” he says, in a statement.
Through its partnership with Knight Frank, Newmark Knight Frank’s international presence spans 242 offices in 43 countries across five continents. ADNP has a current portfolio of over 10,000 units under management.
Knight Frank was not available for comment beyond a news release.
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