FINANCIAL NEWS

Istithmar World sells London building for $271m

12 Aug 2010

(MENAFN) Dubai World’s overseas investment arm Istithmar World sold a building in London for $270.9 million to an unidentified Russian investor, Britain’s Telegraph newspaper reported.

The building at One Trafalgar Square includes office and retail space and was purchased for $244 million by Istithmar five years ago, the newspaper said.

Dubai World is seeking to offload assets as part of a restructuring plan. The state-owned conglomerate is restructuring $23.5 billion in debt. The Dubai government agreed to take a hit on its claims against the firm, leaving $14.4 billion in bank debt outstanding.

In June, a US investigation halted the sale of Istithmar’s Inchcape Shipping Services, the first Dubai World business put up for sale since the emirate’s debt crisis began, people familiar with the matter said.

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