More London sold to Kuwaiti's St Martins for 1.7 billion pounds
(Reuters) - London Bridge Holdings has sold More London, a premier real estate asset in London, to Kuwaiti firm St Martins Property Group for approximately 1.7 billion British pounds, according to people familiar with the deal.
London Bridge Holdings had originally planned to refinance More London by next summer but decided to sell the asset due to the attractive offer made by St Martins, which already owns property in London.
"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.
(Reporting by Sam Nelson; editing by Gunna Dickson)
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