Sovereign wealth fund Qatar Investment
Authority has agreed to buy a HK$4.78 billion ($616 million) stake in Lifestyle International Holdings, operator of the SOGO department stores in Hong Kong and mainland China, Reuters reported on Monday.
A unit of Qatar will pay HK$14.75 per share for the 19.9 percent stake, compared with Lifestyle's last traded price of HK$14.60, the statement added.
Bellshill Investment Co, a unit of Qatar Investment
Authority, is buying the shares from Lifestyle's dominant shareholder, Real Reward Ltd, which is equally controlled by a unit of Chow Tai Fook Jewellery Group Ltd (1929.HK) and the family of Hong Kong businessman Thomas Lau.
The deal is believed to be part of Qatar’s wider bid to invest up to $15 billion in China, Japan and South Korea, sources told the Financial Times.
Qatar already owns trophy assets such as stakes in Harrods, Barclays, Credit Suisse, Tiffany & Co and Canary Wharf Group.
“QIA’s investment in Lifestyle International Holdings is a continuation of QIA’s investment plan to diversify its global portfolio; this time in Asia,” the fund said.
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