Istithmar sells New York property for $1.15bn
New York, December 26, 2007
Istithmar World Real Estate, the Dubai-based real estate investment company, said it has sold 230 Park Avenue in New York to a consortium including Goldman Sachs' Whitehall Fund and Monday Properties for $1.15 billion.
This transaction came on the heels of Istithmar World Real Estate's sale of 280 Park Avenue to Broadway Properties in November for $1.35 billion.
Dubai World, the parent company of Istithmar World Real Estate, has been actively investing in the United States and New York for several years now and still owns 450 Lexington Avenue, The W Hotel Union Square, The Mandarin Oriental Hotel, the QE2 and the Knickerbocker on Times Square.
Sultan Ahmed Bin Sulayem, chairman of Dubai World said: "Our real estate investment activities in the US have been an important component of our overall strategy. We have been very successful in executing well-timed acquisitions and dispositions, and remain committed to further continued investment activity throughout the United States. While our original strategy with regards to 230 Park Avenue and 280 Park Avenue contemplated long-term holds, we felt that market conditions created an unusual opportunity for us. Retaining the agility to change direction when circumstances dictate is important to Dubai World and these transactions demonstrate our ability to do so."
Istithmar acquired 230 Park Avenue in November 2005 for $705 million. - TradeArabia News Service