Istithmar buys London landmark

UAE-based investment house spreads its international wings with a US $273 million London trophy purchase

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By  Conrad Egbert Published  October 15, 2005

UAE-based investment house, Istithmar, has acquired London’s One Trafalgar Square for US $273 million (£155 million). Barclays Capital has financed the purchase. Istithmar executive chairman Sultan Ahmad Bin Sulayem, said, “One Trafalgar Square is a premier property in one of the world’s most recognised locations, providing first-class headquarters for office accommodation. “Given that we are currently engaged in positioning our portfolio to focus on developing markets and international gateway cities such as London, this acquisition represents a key step forward for us.” He said the company’s focus was asset appreciation through a diverse portfolio. “Moving forward we will pursue a broader strategy, expanding real estate acquisitions internationally.” Dating back to the late 1870s, the building has been renovated over time and was redeveloped in 1991 by Land Securities. Istithmar is also one half of Tamweel, an Islamic finance institution that provides financial services to residents of the UAE.

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