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Dubai’s Istithmar sells London bldg for $271 mln -report

The building was sold to an unidentified Russian investor.


August 11, 2010 10:59 by

Dubai World’s overseas investment arm Istithmar World sold a building in London for 172 million pounds ($270.9 million) to an unidentified Russian investor, Britain’s Telegraph newspaper said on Wednesday.

The building at One Trafalgar Square includes office and retail space and was purchased for 155 million pounds by Istithmar five years ago, the newspaper said.

Istithmar officials were not immediately available for comment.

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 U.S. 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.

(Reporting by Tamara Walid; Editing by Amran Abocar)


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