Istithmar seals London's largest realty deal

Istithmar, the overseas investment arm of Dubai World, has sold Grand Buildings in London’s West End to an unnamed Russian investor for  £172m, London’s Telegraph newspaper reported on Wednesday.

Grand Buildings, at One Trafalgar Square -  the landmark Victorian office property in London's West End - is understood to have been purchased by Istithmar for about £155m five years ago.

Wednesday’s is one of the largest investment deals in London.  It is thought to be the Russian's first purchase in the UK market.

Istithmar sold two properties in the capital in November for £10m and a share of future profits to Great Portland Estates. 

London properties are likely to be near the top of any list of assets to be sold by Dubai World, the paper said.

Grand Buildings includes retail outlets and office space, which is let to Enterprise Oil. The property was constructed in the 1870s.

Michael Elliott acted for the buyer. Jones Lang LaSalle acted for Istithmar.

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