St Martins, the property division of the Kuwaiti Government, has reportedly finalised a $2.8bn deal to buy a London real estate development that includes City Hall, an amphitheatre, offices and shops and restaurants.
London Bridge Holdings announced the strategic sale of More London, to a well-established London property owner without naming the buying.
However, St Martins have been in negotiations to buy the development for some time and reports in the UK have named the Kuwait-linked company as the purchaser.
London Bridge Holdings said in a statement that it originally had commenced a process to refinance More London by the early summer of 2014 but, when presented with a "highly attractive offer" it determined to capitalise on the opportunity.
London Bridge Holdings added: "This transaction underscores the success of London Bridge Holdings in transforming a blighted, brown field site into a vibrant and vital global business centre.”
London Bridge Holdings acquired in 1998 the brown field site which it developed into More London.
Centrally situated within a new business community in a world famous location adjacent to Tower Bridge and opposite The Tower of London, the 13-acre site includes City Hall, the headquarters of London Mayor Boris Johnson, a sunken amphitheatre called The Scoop, office blocks, shops, restaurants, cafes, and a pedestrianised area containing open-air sculptures and water features, including fountains lit by coloured lights.
The buildings were designed by Foster and Partners architects and some are still under construction.
In July, it was reported that Kuwait’s sovereign wealth fund will invest up to $5bn in British infrastructure assets over the next three to five years.
According to London’s The Financial Times, Kuwait Investment Authority (KIA) will seek to invest in existing projects in the country that are already creating cash flow.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.
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.