This follows Istithmar's acquisition of 230 Park Avenue in November last year. The New York City trophy property was purchased from Boston Properties (NYSE:BXP), a real estate investment trust, for approximately $ 1.2 billion.
Located on the stately, handsome and imposing Park Avenue in the heart of Midtown Manhattan, the property consists of approximately 1.2 million square feet. Boston Properties acquired the property in 1997 and will continue to serve as property manager and leasing agent.
Commenting on the deal, Muneef Tarmoom, Chief Executive Officer said: "280 Park Avenue is an internationally recognized, prime landmark property in Manhattan - world's largest real estate market. Moving ahead, said Tarmoom, "we remain bullish about key gateway cities like New York and London as well as select emerging markets."
David Jackson, Chief Investment Officer, Istithmar PJSC said: "Park Avenue is the hub of global operations. 280 Park Avenue is a particularly attractive corporate location. Within the real estate sector, Istithmar targets projects that are positioned to experience long-term, substantial capital appreciation."
Mortimer B. Zuckerman, Chairman of Boston Properties said: "We were delighted to work with Istithmar on this transaction and we look forward to a long relationship with them."
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Isththmar completes acquisition of 280 Park Avenue
- United Arab Emirates: Tuesday, June 13 - 2006 at 10:29
- PRESS RELEASE
Istithmar PJSC, a major investment house based in the UAE, has completed the acquisition of 280 Park Avenue.
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About Boston Properties:Boston Properties is a fully integrated, self-administered and self-managed real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of Class-A office properties and also includes two hotels. The Company is one of the largest owners and developers of Class-A office properties in the United States, concentrated in five select markets - Boston, Midtown Manhattan, Washington, D.C., San Francisco, and Princeton, N.J.
About Istithmar:
Istithmar PJSC is an international investment house based in the United Arab Emirates focusing on private equity, real estate and other alternative investments. Established in 2003, Istithmar was created with the key mission of earning exceptional returns for its investors while maintaining due regard for risk.
Istithmar, which means investment in Arabic, applies global expertise with local insights to coordinate the appraisal and implementation of various opportunities. Istithmar's 'I' investment philosophy is based around three core principles -- Ideas, Inquiry & Integrity -- sets the foundation for the firm which has a broad portfolio of highly successful companies in markets from North America to Europe to Asia to the Middle East.
Established with an initial investment capital pool of $2 billion, Istithmar has, to date, invested in 35 companies deploying approximately USD 1.6 billion in equity capital. It currently focuses its activities in four industry verticals - Consumer, Financial Services, Industrial and Real Estate.
For further information, please contact Ghada Kammoun/Jaya Joshi, Bates PanGulf PR, Dubai, UAE, Tel: +9714-295 3456 Fax: +9714-295 1027
Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, June 13 - 2006 at 10:29 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Wed Mar 28 2007.
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