6 October 2005

DUBAI -- Istithmar, an investment holding company indirectly owned by the Government of Dubai, has acquired London's One Trafalgar Square for 155 million (Dh988.9 million).

The acquisition financing bank is Barclays Capital. "This acquisition represents a key step forward for us as we are engaged in positioning our portfolio to focus on developing markets and international gateway cities such as London. One Trafalgar Square is a premier property in one of world's most recognised locations providing Grade A headquarters office accommodation," said Sultan Ahmed bin Sulayem, Istithmar's Executive Chairman.

"Moving forward we will pursue a broader strategy expanding real estate acquisitions internationally. The company's primary focus was growth and asset appreciation through a diverse portfolio of real estate investments," he said.

Dating back to the late 1870s, the building has been altered over time and was redeveloped to much acclaim in 1991 by Land Securities PLC. Designed by Sidell Gibson Architects, the building occupies a high profile island site on the south-eastern corner of Trafalgar Square and commands stunning views of the surrounding area.

In recent years, Trafalgar Square has been the subject of considerable investment from both the City of Westminster and the Mayor's office and has been heavily altered to create a people-friendly world square to confirm its status as one of London's most popular tourist landmarks. The property also has superb views of Admiralty Arch and the Mall leading down to Buckingham Palace.

Istithmar, an affiliate of the Ports, Customs and Free Zone Corporation, is an investment house based in the UAE focusing on private equity, real estate, and alternative investments. It was launched by The Corporate Office and The Ports, Customs and Free Zone Corporation (PCFC) with an investment programme of Dh7.3 billion ($2 billion). Its affiliate companies include Nakheel, a real-estate development company, Dubai Metals and Commodities Centre and Tejari, an online procurement company.

BY A STAFF REPORTER

© Khaleej Times 2005