Abu Dhabi-backed firm sells London hotels for $335m

Washington-based private equity firm Carlyle Group offloaded the two buildings to Singapore-listed Hotel Properties Limited
Two buildings are located along Londons Southbank.
By Staff writer
Tue 31 Mar 2015 12:40 PM

Carlyle Group,
the US private equity firm in which Abu Dhabi’s Mubadala Development Company
owns a 7.5 percent stake, has reportedly sold two properties in London for
£308 million ($335million).

Hotel Properties Limited is said to have reached an agreement with Carlyle
Group to buy two Bankside properties, with 5 percent maid upfront and the
remainder on completion of the deal, which is expected to be in May 2015.

“The investment
will allow the HPL Group to expand its property portfolio in Southbank, Central
London by way of the acquisition of the Properties,” Hotel Properties said in a
regulatory filing.

“The Southbank
has historically been recognised as one of the central London’s leading
cultural hubs, being home to the capital’s most famous institutions including
the Royal Festival Hall, Tate Modern and National Theatre,” its regulatory
filing added.

The properties sold
are Ludgate House and Sampson House, two existing office buildings, and Falcon
Point, a neighbouring residential building.

Carlyle Group
was founded in 1987. Abu Dhabi investment vehicle Mubadala bought a 7.5 percent
stake in the company in 2007.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Last Updated: Thu 26 Jan 2017 01:27 PM GST

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.