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Bahrain's International Bank sells $409 mln London block

International Investment Bank, a closely held bank in Bahrain, sold an office block in London's Belgravia for $409 million (€310.9 million).

International Investment Bank first bought 33, Grosvenor Place with Saudi Economic & Development Co. Ltd. for $280 million (€212.8 million) in June 2005, the bank said in an e-mailed statement yesterday. „The commercial property market in London has been booming over the past two years,” Chief Operating Officer Salah Nooruddin said in the statement. He didn't say who bought the property. (Bloomberg)