Qatari agency buys London’s Grosvenor Home resort | Enterprise

A Qatari state-backed firm is to purchase the Grosvenor Home resort on London’s Park Lane, the most recent in a string of acquisitions of the capital’s trophy property.

Katara Holdings, which is owned by the Qatar Funding Authority (QIA), has purchased Grosvenor Home for an undisclosed value from personal American property funding agency Ashkenazy Acquisition Company, Reuters first reported.

Ashkenazy purchased the Mayfair property, which overlooks Hyde Park, in 2017. The agency had beforehand owned a stake in New York’s Plaza, for which Qatar paid a reported $600m earlier this yr.

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The Qatari fund, which is estimated to have greater than $300bn in whole property, owns London’s luxurious Savoy and Connaught resorts, the Harrods division storeand the Shard, London’s tallest skyscraper, in addition to luxurious resorts throughout the US, Europe, the Center East and Asia.

The oil-rich state has been boosted by increased oil costs in the course of the previous yr and a latest Qatari shopping for spree additionally contains stakes in Volkswagen and Glencore. The purchases have been made despite a blockade on the nation by Center Jap rivals led by Saudi Arabia.

Ashkenazy didn’t reply to a request for remark. The QIA declined to remark.

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