Istithmar, the investment arm of the Dubai royal family, today confirmed the acquisition of the landmark Adelphi block on London’s Strand.
As reported in Property Week (news, 20.10.06), Istithmar paid more than £300m for the office building on the north bank of the River Thames.
The Adelphi has been sold by brothers Bob and Rafi Manoukian. They bought the art deco landmark from Hanover Trust for £190m in September 1988 through a vehicle called Gefica Industries.
The 300,000 sq ft (27,871 sq m) Thameside building has an annual rental income of more than £10m. It is home to the Department for Work and Pensions and the headquarters of US energy company Amerada Hess.
‘This purchase is a further step in the fulfilment of our investment strategy in the UK of assembling a portfolio of top quality assets in prime locations,’ said Richard Johnson, managing director, Istithmar Real Estate.
He added: ‘Istithmar's real estate strategy is to earn exceptional returns through the acquisition and active management of substantial investments in key locations throughout the world.’
Istithmar is an alternative investment house based in UAE owned by Dubai World, which is in turn wholly owned by the Government of Dubai. Its investment portfolio comprises over 50 successful companies and its equity investment exceeds $2.6billion.