German capital investment company Union Investment Real Estate has sold London's highest proposed development - the Bishopsgate tower - to the Pinnacle Ltd, an offshore investment vehicle sponsored by Arab Investments. The financial details of this transaction have been kept confidential by the two companies but some media outlets suggested the price paid was around £200 mln.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
