Qatari Diar, the sovereign wealth developer, will fund the multibillion-pound development of the former Chelsea Barracks through its own cash as it uses the deep pockets of its oil-rich sponsor to create an upmarket London neighbourhood.
Qatari Diar, backed by the Qatari Investment Authority, has bought out the loan of more than £1bn that had been used to acquire the 12.8 acre site for a record-breaking price. The Islamic financing was the largest its kind for the UK.
Stephen Barter, chief executive of Qatari Diar, said that the company had drawn a line under the previous structure, which was partly owned by the Candy brothers’ CPC Group.
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