Bahrain-based International Investment Bank (IIB) and the Saudi Economic Development Company (SEDCO), a private Islamic investment firm in Saudi Arabia, have announced the sale of the 25,000 m[sup]2[/sup] office building located at 33, Grosvenor Place in the prestigious Belgravia area of London for $409 mln (EUR 312.4 mln). The identity of the buyer was not disclosed.
Bahrain-based International Investment Bank (IIB) and the Saudi Economic Development Company (SEDCO), a private Islamic investment firm in Saudi Arabia, have announced the sale of the 25,000 m2 office building located at 33, Grosvenor Place in the prestigious Belgravia area of London for $409 mln (EUR 312.4 mln). The identity of the buyer was not disclosed.
The landmark building occupies a prime site in Central London, as it overlooks the gardens of Buckingham Palace. It benefits from a long-term lease to the UK subsidiary of one of the world's leading energy companies.
'This highly successful exit 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,' IIB's ceo Abed Al Zeera said in a statement.
The two investment groups jointly purchased the site in June 2005 for $280 mln. 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'.
