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Dubai's Istithmar sells London buildings |
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11.12.2009 |
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DUBAI, Nov 12 (Reuters) - Dubai investment firm Istithmar World has sold two buildings in London to Great Portland Estates (GPE) (GPOR.L: Quote, Profile, Research), its financial statements showed.
Istithmar is one of the flagship companies of state-owned Dubai World, whose real estate unit Nakheel is struggling to refinance $3.52 billion Islamic bonds maturing in December.
The firm, which owns U.S. luxury retail chain Barneys New York, in August hired an advisory firm to help it mull options to shore up Barneys' financial position.
GPE paid 10 million pounds and a share in future profits for Marcoal House on London's Regent Street and another building close to Oxford Street, according to its half-year financial statements released on Wednesday.
It did not say when the transaction was completed.
Abu Dhabi-based daily The National reported Istithmar had paid about 80 million pounds two years ago for the buildings. (Reporting by John Irish, editing by Will Waterman)
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Source:in.reuters.com |
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