Tue, 19 Oct 2010 | BUSINESS SALE
Part of the £900 million British property portfolio owned by the property division of Kuwait's sovereign wealth fund has been put up for sale.
Savills has been asked to find buyers for St Martins, the property company that has been owned by The Kuwait Investment Authority since 1974. The Authority is the world's seventh-largest sovereign wealth fund with assets worth £126 billion.
The St Martins sale represents one of the biggest batches of property assets to have been put onto the market since the downturn began.
Hay's Galleria, the shop, restaurant and office development on the South Bank of the Thames near London Bridge may be one of the sites up for sale, though no final decision has been made about which assets will be sold off as yet. Also amongst the developments thought to be up for sale is an office block overlooking St Paul's Cathedral.
The sale has been attributed to St Martins reportedly looking to focus on bigger, high-profile properties and assets.
Some of the firm's industrial and office assets will be sold off in parcels, whilst others will be sold off as individual assets. St Martins also owns property in Turkey, Australia and Japan.
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