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Tue 19 Dec 2017 01:05 PM

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Dubai firm buys 'iconic' London skyscraper for $357m

Subsidiary of Al Gurg Group inks deal for 20-storey building in UK capital city

Dubai firm buys 'iconic' London skyscraper for $357m

A subsidiary of the Dubai-based Al Gurg Group has bought an "iconic" skyscraper in one of London's most vibrant neighbourhoods for £266.5 million ($357.1 million).

Great Portland Estate and BP Pension Fund have sold the 20-storey building in Blackfriars Road to Wolfe Asset Management, it has been announced.

The 226,271 sq ft building is let to tenants including UBM, Boodle Hatfield, Ramboll and Lonely Planet Publications.

The sale incorporates Cubitt House, the adjoining retail and residential building, where all 10 apartments have been sold on long leases and the retail unit is let to The Coffeeworks Project.

Abdulla Al Gurg, group general manager of Wolfe Asset Management, said: “The 240 Blackfriars Road building is iconic in its design and an instantly recognisable feature of the London skyline.

“It perfectly fits within our strategy of owning best-in-class commercial buildings in prominent London locations.

“Southbank is regarded as one of London’s most vibrant districts and thriving submarkets, with a unique combination of world-renowned arts and theatre institutions, hotels, luxury residential developments, excellent connectivity and prime real estate.”

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