ArabianBusiness.com - Middle East Business News
Sunday, 22 November 2009 15:11 UAE time

YOUR DIRECTORY /

| Share |

Qatari Diar eyes full control of Chelsea Barracks project

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 11 November 2008
CHANGING THE GUARD: The Chelsea Barracks was one of the UK's biggest-ever development site purchases. (Getty Iamges)

Qatari Diar Real Estate Investment Co. is set to take full control of one of Britain's most ambitious redevelopment projects at Chelsea Barracks in west London, after agreeing to buy out partner CPC Group.

The property arm of the State of Qatar said in a statement it had negotiated an option to acquire CPC's equity holding in Project Blue (Guernsey) Holdings Ltd, the vehicle set up to acquire and develop the 12.8 acre landmark site.

The former military barracks was bought by Qatari Diar and entrepreneur Christian Candy's CPC Group in January for 959 million pounds ($1.51 billion) in one of Britain's biggest-ever development site purchases.

The deal reflects Qatari Diar's increasing interest in Britain's crisis-hit real estate market and comes shortly after the opening of its London headquarters in Mayfair's Grosvenor Street.

Story continues below
advertisement

"The... increase in our involvement in the redevelopment of the Chelsea Barracks site are expressions of our deep commitment to the UK real estate market and should not be interpreted as dissatisfaction with our business relationships on the project," said Ghanim bin Saad Al-Saad, CEO of Qatari Diar.

"We remain pleased with the evolution of our relationship with the Candys' businesses, which have helped us expand our presence in this very important market, and we remain committed to their role in the redevelopment of Chelsea Barracks."

Candy & Candy, the property development group run by Christian Candy and brother Nick, will continue to lead the planning management, interior design, branding and marketing of the Chelsea Barracks site.

In a separate deal, Qatari Diar has also acquired CPC's equity interest in Project Red (Guernsey) Holdings Ltd, the joint venture formed by the two companies to acquire the Grosvenor Waterside development site, also in central London.

Financial details on both deals were kept confidential. (Reuters)

| Share |


READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

SHARE PRICE CHECK

RELATED LINKS

  1. Qatari Diar Real Estate Investment Company»

 EMAIL ALERTS

  1. Qatar Investment Authority

  2. Qatari Diar Real Estate Investment Company

  3. Real Estate


CURRENCY CONVERTOR

Tell us your story

READER COMMENTS

  1. The Roubini Vs Rogers debate 04
    22 Nov ' 09 at 14:44
    Simon, I agree with everything you say. The paper gold games of Comex and the gold fractional reserve banking system of the LBMA are...   More  »
  2. RTA to lease last batch of retail outlets on Red Line 04
    22 Nov ' 09 at 14:54
    Guys not that I am against these Retail Outlets but I was wondering how many of the metro users actually use these outlets?Any one of...   More  »
  3. Merger technical talks to conclude in a month - Emaar 03
    22 Nov ' 09 at 12:33
    Dubai needs is Antitrust & Trade Practices law in place to go forward.Too many people have burnt their fingers including large...   More  »

Read all user comments >

Gitex 2009

MORE FROM ARABIANBUSINESS.COM