243: Dubai buys $1 bln London Shell-Mex building-report

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LONDON, Dec 8 (Reuters) - The art-deco Shell-Mex building in London has been sold to Dubai government investment agency Istithmar for "almost 520 million pounds" ($1.02 billion), Property Week magazine said on Friday.

The deal would mark the latest British purchase by Dubai government-backed investment vehicles, which have already snapped up P&O Ports this year and are currently linked with a takeover of Liverpool Football Club.

The long-awaited deal is set to become London's single-biggest building sale since March's record 527 million-pound purchase by Tishman International and Insight Investment Management of Plantation Place in the City of London financial district from British Land (BLND.L: Quote, Profile , Research).

The landmark Shell-Mex building is on The Strand, by the river Thames, between London's West End and City districts, and is largely leased to Financial Times-owner Pearson (PSON.L: Quote, Profile , Research).

The building is being sold by a consortium which includes private real estate investors Robert and Vincent Tchenguiz, and David and Simon Reuben. Property Week said most offers for the building had not met the consortium's 520 million-pound valuation but that Istithmar had emerged as the favoured buyer.

Istithmar and the Reuben Brothers could not be reached for comment, while advisors DTZ, Jones Lang LaSalle, and CB Richard Ellis declined to comment.

Source:

Reuters.co.uk