International law firm Norton Rose has advised Dubai-based Legatum Group on the acquisition of a building in the emirate's financial hub, the Dubai International Financial Centre (DIFC).

The acquisition comes as the Dubai real estate market struggles to recover from the aftermath of the global financial crisis. The 128,000 square feet building, to be renamed Legatum Plaza, is located in one of the core precinct areas of the DIFC. Tenants include UBS, Nomura, Rothschild and law firm Clifford Chance. No financial value for the transaction was disclosed.

The Norton Rose team was led by Nick Clayson, partner and head of the real estate practice in the Middle East, and was supported by Hannah Thomas, Louise Lynch and Henrietta Worthington. Robert Vickers is Legatum’s in-house counsel on the deal. Al Tamimi & Co served as the adviser for the unnamed seller, a private investor.

“We were delighted to work with Legatum on this rare investment deal on a premium real estate asset in the Middle East,” said Clayson. “This acquisition shows the continued upturn in the Dubai market for institutional quality buildings, and demonstrates that there are valuable assets here for the right investors.”

Shaheen Pasha is Middle East Regional Editor at ALB. Follow her on Twitter: @ALB_The Brief.

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