Newspaper article The Evening Standard (London, England)

Dubai Ruling Family Pulls out of [Pounds Sterling]500m Bid for Shell Mex House

Newspaper article The Evening Standard (London, England)

Dubai Ruling Family Pulls out of [Pounds Sterling]500m Bid for Shell Mex House

Article excerpt

Byline: HUGO DUNCAN

THE sale of Shell Mex House, the art deco office block on The Strand, has collapsed for the second time in less than a year.

Dubai's ruling Maktoumfamily has reportedly withdrawn its offer of more than [pounds sterling]500 million for the landmark building.

It comes just months after a potential deal worth [pounds sterling]450 million with investors from India fell through.

The failure to find a buyer for Shell Mex House highlights fears that the investment market is cooling off.

The property is back on the market along with Devonshire House in Piccadilly, which is also for sale again after two offers from Lancer Asset Management fell through, and Brettenham House in Lancaster Place, after a deal with Great Portland Estate collapsed over Christmas.

Despite the difficulty of selling such buildings, commercial property agents have forecast another year of strong returns as demand for office space in central London continues to climb. …

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