Mubadala, the Abu Dhabi state-owned investment vehicle, is eyeing up the purchase of a historic six acre site in Knightsbridge, according to a report in the UK.
The Sunday Telegraph reports that Hyde Park Barracks, the historic home of the Household Cavalry, is attracting the interest of Mubadala Development Company.
The UK Ministry of Defence is looking at options to sell the property, located in London’s West End, on the southern edge of Hyde Park. The estimated price quoted in recent media reports was £600m ($1.029bn).
Currently, the barracks is home to the Household Cavalry Mounted Regiment, which carries out mounted (and some dismounted) ceremonial duties on State and Royal occasions in London.
Potential buyers were told they must identify an alternative central London site for the 300 men and 240 horses of the Life Guards, and the Blues and Royals, but the Telegraph reports that this might be relaxed.
The Ministry of Defence was approached by a number of interested parties, including property developer Christian Candy, in October last year when the sale was mooted.
A spokesperson for the Ministry of Defence told the Telegraph that it is still considering options for the future relocation of the Household Cavalry Mounted Regiment.
The property is just three quarters of a mile from Buckingham Palace, considered to be close enough for the officers and men of the Household Cavalry to be available to respond speedily to any emergency at the Palace and also to conduct their ceremonial duties.