Property Week reports that when the deal is done, the softly-spoken entrepreneur with a “sting in his tail” will have completed one of the biggest investment transactions this year. Arora has reportedly bought £236m of property, or 30 assets, already with an agreement to buy another three properties for £73m when they’re built later this year.
When Real Business met Arora earlier this year, he spoke about his “deep, trusting relationship” with his banks. “It pays to have long-term relationships,” he said. “I always say I’d rather be a farmer than a hunter. I don’t go for the quick kill.” One of his banks – AIB Group – helped fund the deal along with Bank of Ireland Corporate Banking and Abbey National Treasury Services.
Arora told Property Week: ‘This is a significant asset consolidation which will bolster the business plans we have for Heathrow, Gatwick and other UK airports.’
Arora arrived in London at the age of 13, speaking very little English. His first job was selling clothes at Southall Market for £1.50 a day but he moved upwards quickly and built his first hotel opposite Heathrow eight years ago. Today, he’s worth an estimated £225m.