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Tue 12 Jul 2016 01:45 PM

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Indian court said to approve $1.6bn hotels deal with Qatar

India's Supreme Court reportedly gives green light to deal between Sahara and Qatar Investment Authority

Indian court said to approve $1.6bn hotels deal with Qatar

India's Supreme Court has reportedly given the green light to a $1.6 billion hospitality deal between Sahara and Qatar Investment Authority (QIA).

Local media reported that the court has lifted the embargo on Sahara from selling any domestic or overseas assets and has sold three of its hotels – the Grosvenor House in London and the Dream Downtown and New York Plaza in New York – to QIA.

Reports suggest Sahara is in the final stages of negotiation with QIA, with the deal expected to be completed within two months.

Last month, it was reported that Asia Square Tower 1 in Singapore has been sold by a BlackRock-advised fund to QIA for about S$3.4 billion ($2.45 billion).

The tower has 1.287 million sq ft of space, including about retail, and its office tenants include Citi, Julius Baer, Marsh and Google.

QIA's purchase is understood be the biggest property acquisition in Singapore by the sovereign wealth fund, which also owns the landmark Raffles Hotel in Singapore through its unit Katara Hospitality.

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