West End Office Property Sold to Russian Investors
Istithmar, the overseas investment arm of Dubai World, has sold West End office property One Trafalgar Square to a Russian investor for ┬ú172m.
The transaction involving One Trafalgar Square, also known as Grand Buildings, is one of the largest office investment deals in London’s West End, according to Property Week.
The 200,000 sq ft property dates back to the 1870s, and offers retail and office space – the latter of which is currently let to Enterprise Oil, a British exploration and production company owned by Royal Dutch Shell.
Dubai World manages and supervises a portfolio of businesses and projects for the Dubai government, and is chaired by Sultan Ahmed bin Sulayem. The property arm of the organisation, Nakheel, was responsible for building The Palm Islands and The World developments.
Istithmar initially bought One Trafalgar Square for around ┬ú155m in 2005.