Mar 05 2007 |
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IIB successfully exits London property
International Investment Bank , the globally-focused investment bank based in Bahrain, and Saudi Economic Development Company (SEDCO) , a leading private Islamic investment firm in Saudi Arabia, have announced the $409 million sale of the office building located at 33 Grosvenor Place in the prestigious Belgravia area of London. Purchased by the partners in June 2005 for $280 million, this exit provides investors in the property with a 100 per cent return on investment.IIB 's Chief Executive Officer, Aabed Al Zeera, said: "We are delighted to announce this highly successful exit, which has allowed us to deliver superior returns to our investors. We have not only far exceeded initial projections, but we have also delivered this exceptional result well in advance of the original five year investment holding period. It is the aim of IIB to offer GCC investors a diverse range of high quality, Shariah-compliant investment opportunities from across multiple asset classes and geographic locations, and the exit from this London property underscores the success of our strategies and efforts to date. We will continue to work with SEDCO and other partners to introduce additional high quality investment opportunities including those in real estate assets in the region as well as other key European and Asian markets in which we are active."
IIB 's Chief Operating Officer, Salah Nooruddin added: "The commercial property market in London has been booming over the past two years with demand for prime office space constantly on the rise. The substantial returns that we have been able to generate on this investment in such a short period of time underline the value of IIB 's strategic approach to investing. We seek out attractive assets that are diversified by country, sector and currency and are thereby able to provide our investors with a balanced portfolio as well as superior returns."
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