DICO UK Property Holdings, a subsidiary of Dubai-based Damac, has announced the development of a 50-storey tower in London.

The firm says the 360-unit development, called Aykon Nine Elms, will comprise one, two and three-bedroom apartments, as well as large studios and penthouses.

Located on the River Thames, the tower is expected to be completed by 2020.

Architects working on the scheme include the US’ Kohn Pedersen Fox Associates (KPF) and the UK’s Turner & Townsend (TT).

Real estate firm CRGE says 27 tower blocks containing multimillion-pound flats are being built on London’s South Bank alone, many of them marketed directly at Gulf investors. Some will be mixed-use developments with both residential and commercial facilities, a theme that plays to the more diverse investment preferences among GCC buyers.

London may be the most prized target, but other major European cities are also attracting Gulf dollars. Qatar Investment Authority last year took a 40 per cent stake in the huge Porta Nuova development in Milan, and bought Switzerland-based Credit Suisse’s Italian headquarters for a reported €108m ($121m).