Dubai-based DAMAC Properties PJSC is planning to buy up London office space for the first time, betting on rebound in the market, the Financial Times reported.

Damac wants to purchase office premises at knockdown prices and upgrade them into workspaces that meet environmental, social, and governance standards, the FT cited DAMAC’s founder Hussain Sajwani as saying.

The luxury developer intends to pay £100 million to £500 million ($127 million to $637 million) per office in areas including Mayfair, Victoria and Canary Wharf, the paper cited Sajwani as saying. The firm also favors locations where planning permits are easier to secure, he was quoted as saying.

Read more: Even Versace Can’t Lure Homebuyers to Damac’s London Tower