The developer of London’s W Hotel, a site that includes the European flagship store of Mars’s M&M’s, has agreed to sell the property for about £200m ($313m.)
McAleer & Rushe said the 10-story building on Leicester Square will be bought by an unnamed investor based in Qatar, according to a statement today from the Cookstown, Northern Ireland-based company.
McAleer & Rushe acquired the former site of the Swiss Centre in 2004 from British Land Co for £47m. The developer built a 192-bedroom hotel, luxury apartments, a gymnasium and 35,000 sq ft M&M’s store on the land. The hotel also houses a branch of chef Jean-Georges Vongerichten's Spice Market restaurant.
Jones Lang LaSalle Inc. and Steerforth Partners advised on the sale.
The deal marks the latest in a series of investments in British assets by Qatari buyers. The Gulf state’s wealth fund counts luxury London department store Harrods and stakes in Barclays, retailer J Sainsbury’s and the London Stock Exchange among its investments.
Qatari Diar, Qatar Investment Authority’s property arm, in August announced it had won a bid to buy London’s Olympic Village in a £557m in a joint deal with the UK developer Delancey.
The gas-rich emirate last month denied media reports it was close to a deal to take over the world-famous Silverstone racing circuit in the UK.For all the latest travel news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.