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, which is part of Dubai World, sold the buildings to Great Portland Estates (GPE), a UK property company.
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.
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