A Kuwaiti company has reportedly bought More London, a premier real estate asset in London, for approximately 1.7 billion British pounds.
London Bridge Holdings sold More London to Kuwaiti firm St Martins Property Group, which already owns property in London, for approximately £1.7 billion, British media reported.
More London had been originally planned to refinance by London Bridge Holdings by next summer, but it decided to sell the asset due to the attractive offer made by Kuwait’s St Martins.
“This transaction underscores the success of London Bridge Holdings in transforming a blighted, brown field site into a vibrant and vital global business centre,” the firm said in a statement.
London Bridge Holdings bought the brown field site in 1998 and developed More London, which is adjacent to Tower Bridge and opposite The Tower of London.
Much of real estate assets in London belong to wealthy Arabs of the Persian Gulf region, which tend to buy properties by petrodollars in western countries instead of investing oil money in their own impoverished and undemocratic states to boost employment and their own nations’ well-being.
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