The building dates back to the late 1870s but was substantiallyredeveloped in 1991 by Land Securities to a design by Sidell GibsonArchitects. The building occupies a high-profile island site on thesouth eastern corner of Trafalgar Square and has views of AdmiraltyArch and the Mall leading down to Buckingham Palace.

In recent years, Trafalgar Square has seen considerableinvestment from Westminster Council and the Greater LondonAuthority. Improvements are intended to create a people-friendlyworld square in one of London's most popular tourist landmarks.Istithmar is a major investment house specializing in privateequity, real estate and alternative investments. It was launched bygovernment offices of the Corporate Office and the Ports, Customsand Free Zone Corp. with an investment program of Dh7.3 billion(US$2 billion).

United Arab Emirates investors have snapped up foreign assets inthe last year, such as when Dubai International Capital boughtBritish leisure group Tussauds in March.