Istithmar sells £173m West End asset

Published 12th Aug 2010

One of the largest office investment deals in London’s West End has been carried out.

One Trafalgar Square, known as Grand Buildings, has been sold for £173m, representing a yield of 5.25%.

The building was sold to an unnamed Russian investor, by Istithmar, the overseas investment arm of Dubai World. The purchase of the 200,000 sq ft building on the South East corner of Trafalgar Square is thought to be the Russian’s first purchase in the UK market.

Istithmar bought the building in 2005 for around £155m.

Grand Buildings dates back to the 1870s and includes retail outlets and office space, which is let to Enterprise Oil.

Source: ' Property Week '

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