The private equity firm Abraaj Group is shutting down its London office. The company is struggling to remain above water before its fund management unit’s planned sale.
A PricewaterhouseCoopers LLPspokesperson who is supervising the Abraaj Holdings liquidation said that the London office shutting down is a normal cost-cutting step taken in case of bankruptcies.
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Ardian, a Paris-based private equity firm will take over the lease of the London office of Abraaj Group. Abraaj Group is located on Grafton Street in Mayfair.
Ardian’s London headquarters are already in the building and in a couple of weeks it will also take over the floor occupied by Abraaj.
Abraaj’s London site was one of twenty listed on its website and it has offices in different financial centers including New York, Hong Kong, and Singapore Peru, Kazakhstan.
According to reports and sources, different offers were made for Abraaj’s fund unit by private equity firm Actis, Chicago-based Vistria Group, Rohatyn Group, Kuwait’s Agility Public Warehousing Co. and Abu Dhabi Financial Group.