Qatari Diar Real Estate Investment Company announced yesterday that it had agreed to purchase the building currently being used as the US embassy located at 24 Grosvenor Square, London, from the US government.
“The agreement is conditional upon the US being able to fully relocate to their new embassy site in Wandsworth,” a Qatari Diar statement said.
“Qatari Diar, and their development advisers Chelsfield, will continue to work closely with the US government to facilitate their move from Grosvenor Square.”
Qatari Diar CEO Ghanim bin Saad al-Saad said the company was looking forward to create a “world class mixed-use development that such a landmark site deserves”.
He said: “The purchase of such a prestigious London property underscores the continuing importance of the UK market for Qatari Diar. We will continue to build our long-term relationships and investments in the UK in a way that is in keeping with local culture and values.”
QInvest LLC, Qatar’s leading investment bank, acted on behalf of Qatari Diar as sole financial adviser on the transaction.
Qatari Diar, which has invested more than £3bn in the UK, has recently said that it is willing to increase this figure to £5bn or more as part of its long-term commitment to the country.
Qatari Diar, an international leader in sustainable development, is currently involved in two of London’s largest real estate developments: Chelsea Barracks and the Shard Tower.
Wholly owned by the Qatar Investment Authority, Qatari Diar Real Estate Investment Company was established in December 2004 to support Qatar’s growing economy and to co-ordinate the country’s real estate development priorities.