Qatari Diar, the property development arm of the Qatar Investment Authority, has announced a $2 billion deal to create a home-rental business in London.
The firm has tied up with British developer Delancey Estates and a Dutch pension fund to manage an eventual portfolio of 4,000 homes in the UK capital.
The properties are in the former Olympic athlete’s village in Stratford, which was bought by Qatari Diar and Delancey Estates in 2011 for $794 million, as well as in Elephant & Castle, in central London.
“This merger between two leading London private rented-sector schemes is the first step in what is a much larger endeavour; to significantly increase the supply of new homes in connected and affordable locations in British cities,” Sheikh Jassim Al Thani, chief development officer in Europe and the Americas for Qatari Diar, said in a statement.
The Qatari firm is developing nearly 3,000 homes in Stratford, while over 600 homes and student housing units are being built by the two other joint venture partners in Elephant & Castle.
Elswhere in the UK capital, Qatari Diar announced plans to transform the US Embassy in Mayfair into a five-star hotel. The firm bought the listed building in 2009, and the US will move its diplomatic presence in London to Vauxhall next year.
Source: Arabian Business