The Istithmar unit of Dubai World has sold two buildings in London’s West End for a fraction of what it paid for them two years ago as it seeks to raise cash and trim costs.
Istithmar World sold the buildings to Great Portland Estates. The disposal coincides with a major restructuring exercise at Dubai World, which is owned by the Dubai Government. The conglomerate has already cut about 12,000 jobs and merged some of its operating units as the emirate seeks to reduce its debt burden.
GPE paid £10m (Dh61.4m) plus a share in future profits for a building on Regent Street and another near Oxford Street. Istithmar paid about £80m two years ago.
Istithmar World declined to comment.