Istithmar, a major investment house based in the UAE, said it had acquired London's One Trafalgar Square for GBP 155 million (around $273 million). The acquisition financing bank is Barclays Capital.
The purchase was financed by Barclays Capital.
Istithmar executive chairman Sultan Ahmad Bin Sulayem, said, "One Trafalgar Square is a premier property in one of world's most recognised locations providing Grade A headquarters office accommodation. Given that we are currently engaged in positioning our portfolio to focus on developing markets and international gateway cities such as London, this acquisition represents a key step forward for us."
He said the company's focus was asset appreciation through a diverse portfolio. "Moving forward we will pursue a broader strategy expanding real estate acquisitions internationally."
Dating back to the late 1870s, the building has been renovated over time and was redeveloped to much acclaim in 1991 by Land Securities.