A Dubai-based developer has purchased the High Holborn Estate in London for £136 million ($198 million), it has emerged.
SRG Holding, a subsidiary of Abdulsalam Al Rafi Group, acquired the property from US private equity firm Blackstone on December 22, SRG Holding’s chairman said.
The nine-building freehold portfolio spans 150,000 sq ft of London’s Midtown area, and was put up for sale last August for a reported asking price of £130 million – three times what Blackstone paid for it in 2012.
Since then, Blackstone has carried out an extensive refurbishment of the office buildings and added a roof terrace.
SRG Holding is chaired by Mohamed Al Rafi, and his brother Fahad is CEO. The company is registered at Dubai International Financial Centre (DIFC) and has holdings mainly in Dubai and Dubai.
In Dubai, it owns properties including the Sheraton Grand hotel on Sheikh Zayed Road, the Chelsea tower and the Du tower in Dubai Internet city.
It is also building the Burj Al Salam tower off Sheikh Zayed Road and the Marquis Square development in Business Bay.
The company also has interests in Germany.