Qatari royals expand London empire with $60M buy
The Qatari royal family has bought yet another multi-million pound property in one of London's most affluent areas, expanding its empire of prime real estate in the U.K.'s capital further, according to British newspaper, the Evening Standard.
The six-storey Victorian town house in Mount Street, just off London's exclusive Park Lane, was reportedly sold for more than £40 million ($62 million) to the Qatari royal Al Thani family.
The property will be an addition to a prestigious property portfolio that includes other buildings nearby, such as the £200 million Dudley House on Park Lane. This is a 47,000-square foot property with 17 bedrooms and a 50-foot ballroom.
That investment proved a shrewd move, with the property now valued at around £400 million, reflecting a rise in prime real estate in London, which continues to attract ultra-wealthy foreign buyers.
Qatar now owns some iconic parts of the London landscape, via its sovereign wealth fund, the Qatar Investment Authority, and its subsidiary investment arms, Qatar Holding and real estate unit, Qatari Diar.
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Among its portfolio is the 87-storey Shard, which houses offices, restaurants and hotel rooms and the luxury Harrods department store in Knightsbridge. Plus, recently the Qataris won a battle to purchase the Canary Wharf financial district for £2.6 billion.
The Evening Standard said the Qatari royal family's latest property deal in Mayfair "underlined the dynasty's ambition to create a 'Qatari quarter' in London's most exclusive area."
Mayfair estate agents Wetherell are reported to have handled the sale, but would not comment on the report when contacted by CNBC.
