Mar 05 2007 |
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Bahrain: IIB, SEDCO exit prime London property in $409 million deal
MANAMA -- Bahrain-based International Investment Bank (IIB) and Saudi Economic Development Company (SEDCO) yesterday 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 successful exit, which has allowed us to deliver superior returns to our investors. We have not only far exceeded initial projections, but 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 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."
33 Grosvenor Place is a landmark building occupying a prime site in Central London. It overlooks the gardens of Buckingham Palace, and benefits from a long-term lease to the UK subsidiary of one of the world's leading energy companies.BYA STAFF REPORTER
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