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Qataris stick Chelsfield stake in shopping basket
29.09.08
Gulf state Qatar has become a major shareholder of Camden Market after buying a 20% stake in property group Chelsfield.
Neither party would comment on the price Qatar paid but one insider said estimates of £80 million were "exaggerated".
Hussain Abdullah of the Qatar Investment Authority (QIA) said property represented a core focus for the sovereign wealth fund and the investment in Chelsfield offered an opportunity to acquire further assets.
Elliott Bernerd, who founded Chelsfield with Sir Stuart Lipton, said that both his firm and the QIA saw considerable opportunities arising from the credit crisis.
The QIA, founded by the state of Qatar in 2003 to funnel oil and gas revenues into foreign investments, has become a major player in Britain.
It has taken a 27% stake in J Sainsbury, 15% of the London Stock Exchange and 6% of Barclays.
It has also invested in the £1 billion redevelopment of Chelsea Barracks into apartments for the super-rich through Qatari Diar.
