Gulf investment group 'to shed London properties'
A massive holder of properties across London is set to sell off an array of its bases in the capital.
The Dubai government, which owns global property totalling a value of around £10 billion, is planning to shed some of its European investment portfolio, with prime London properties set to go on sale.
The Gulf State will orchestrate its sales through its Dubai World investment manager, whose property fund Istithmar owns prime West End holding One Trafalgar Square, which it bought for £155 million in 2005.
Specific instructions for sale have yet to be issued, but with the investor looking to shed considerable European holdings to spread itself better against subprime fears, Londoners could soon see key central properties change hands and maybe change function.
Yu Lai Boon, chief investment officer of the Dubai World group, told Reuters: "Prices in New York and London haven't fallen and there are still investors interested in the prime properties we own."
The fact that prices keep increasing year on year in the capital is what makes prime London property more available to professional investors than to individual home-seekers – meaning that many turn to rental in Central London.
Published 6th December, 2007
© 2007 Estates IT Limited
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A massive holder of properties across London is set to sell off an array of its bases in the capital.