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Commercial Property News
Istithmar sells London commercial property for £172 million
A commercial property in the capital has sold for £172 million and generated a yield of 5.25%, it has emerged.
One Trafalgar Square was previously owned by Istithmar, thought to have paid around £155 million for the business property in 2005.
Its new owner has not been named but is said to be a Russian investor.
Measuring 200,000 sq ft, the purchase is known as Grand Buildings and stands on the south-east corner of Trafalgar Square.
It is the first purchase made by the investor, who has now made one of the largest ever buys in the West End.
One Trafalgar Square - which contains offices and shops - was established in the 1870s.
Istithmar World - owned by Dubai World - has a portfolio stretching across continents such as Asia, Europe and Africa.
Commercial property is just one of the activities carried out by the organisation, which also offers industrial, consumer and financial services.
Posted by Darren Purse
One Trafalgar Square was previously owned by Istithmar, thought to have paid around £155 million for the business property in 2005.
Its new owner has not been named but is said to be a Russian investor.
Measuring 200,000 sq ft, the purchase is known as Grand Buildings and stands on the south-east corner of Trafalgar Square.
It is the first purchase made by the investor, who has now made one of the largest ever buys in the West End.
One Trafalgar Square - which contains offices and shops - was established in the 1870s.
Istithmar World - owned by Dubai World - has a portfolio stretching across continents such as Asia, Europe and Africa.
Commercial property is just one of the activities carried out by the organisation, which also offers industrial, consumer and financial services.
Posted by Darren Purse
Wed, 11th Aug 2010