Istithmar/Candys linked to New York’s Barneys

Istithmar, the Dubai investment fund that is active in the London property market, is close to buying New York department store Barneys for $800m (£406m). According to reports in the US press yesterday, UK luxury residential specialists Nick and Christian Candy also looked at the department store, which is being sold by Jones Apparel Group. Christian Candy’s CPC Group, which led the winning bid for London’s Chelsea Barracks site earlier this year, declined to comment on the press speculation. In April, CPC made its first US investment, buying a 7.95-acre residential development in Beverly Hills.