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Sovereign Wealth Funds Briefing - Categorized | Alternative Investments

Dubai world coughs up the Knickerbocker

Posted on 04 March 2010

From WSJ: The former Knickerbocker Hotel site near the heart of Times Square has become the latest Dubai World investment to go belly up, as well as the target of investors wanting to pick up the property at a discount price.

Istithmar World Capital, the private-equity arm of the Dubai government’s investment fund, recently handed back the keys to the 300,000-square-foot building at 42nd and Broadway to its lender, Danske Bank A/S, after defaulting on its $300 million mortgage…………………………………….Full Article: Source


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