Istithmar World,the overseas investment arm of Dubai World, has reportedly sold an office building on London’s Trafalgar Square for $272 million. Grand Buildings, the landmark Victorian office property in London’s West End, was bought by a private Russian investor, according to various reports.
The sale of the London property came as no surprise as Dubai World, which manages a group of businesses, has said it planned to sell assets to repay creditors as it seeks to renegotiate the terms of $23.5 billion in debt.
In November, Istithmar sold two properties in the same district to Great Portland Estates Plc for £10 million plus a share of the buildings’ future profits.
Istithmar bought the 200,000 square-foot Grand Buildings in 2005 for £155 million five years ago. Grand Buildings includes retail outlets and office space, which is let to Enterprise Oil. The property was constructed in the 1870s
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