Qatar’s Harrods Purchase May Herald U.K. Retail Deals (Update2) - Bloomberg.com
Qatar Holding LLC’s 1.5 billion-pound ($2.2 billion) purchase of Harrods Ltd. may herald more investment in the industry as foreign buyers take advantage of a consumer-spending revival and a falling pound.
Qatar’s agreement on May 8 to buy London’s best-known store from the family trust of Mohamed Al-Fayed is the biggest deal in U.K. retailing since the 11.1 billion-pound takeover of Alliance Boots Plc in 2007, Bloomberg data show. There were about $1 billion of transactions in all of 2009.
“Harrods is an important landmark on the London and British retail scene,” said Armando Branchini, vice president of Milan-based consulting firm Intercorporate. “The Qatari fund’s investment will stimulate the entire system.”
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