RLA : RPI : Property creates UK Asian millionaires

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other artilces from the July / August 2005 issue

Property creates UK Asian millionaires - July / August 2005

PROPERTY HAS propelled 11 millionaires on to the new Asian rich list.

First in the property stakes, is Paul Bassi, worth £43m. Bassi started work for a financial services company in Birmingham, which he eventually took over and turned into an estate agency.

It is now one of the biggest private landlords in the region. His Bond Wolfe group of companies make profits of around £2m before tax and he has numerous other interests in land and property. The company has a £12m development of West Plaza in West Bromwich on a 130,000 sq ft site.

Bassi has a growing portfolio of companies including Landbank, with over 100 acres of land. His properties include a farm, private residential estates and homes abroad. He also has investments in special purpose vehicles and property investment companies, all with profitable revenue.

In 98th place and worth £22m are Nazir Ahmed Awan and Nasir Awan, whose father founded a retail outlet which the brothers took over and which now deals in the import and distribution of consumer electronics, gifts and toiletries.

A second company, Awan Real Estate, was started in 1983 to invest profits from the trading company into property.

Awan Real Estate has invested in residential property in London and is set to grow further this year with new investments and is worth an estimated £12m.

Also on the list is Bimaljit Sandhu, worth £13m. He is joint director and owner of the Raven Group in London’s Knights-bridge, a property development and investment group specialising in both residential and commercial sectors. His business partner is Anton Bilton. The group includes Raven Mount, which has announced a new strategy of investing in commercial and residential developments in the UK and in eastern and central Europe.

The residential arm of the Raven Group, Raven Homes, has been particularly successful with the redevelopment of large redundant hospitals. The Raven Group has purchased 11 in the last five years.

Also on the list are Jagmail and Manjit Gill (£13m), Shan Soni (£12m), Rajinder Nijjar (£11m), Paul Riat (£10m), Manhar Amlani (£8m) and new entry Awlad Hussain (£7.5m).

The latter owns commercial properties leased to companies such as Superdrug and the Bristol and West. Rental income exceeds £1m per year and the properties are valued at £1.5 m each. He also has 15 properties for residential letting valued at £3.5m bringing in £200,000 rent.

He prides himself on being a handy man with electrics, plumbing and building.

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