The property investment arm of Qatar's sovereign wealth fund is reportedly in talks to take over CPC Group's equity stake in the Chelsea Barracks development in London. According to several media reports, Qatari Diar Real Estate Investment has acquired an option to purchase CPC's equity stake in the joint venture vehicle established to develop the Project Blue scheme.
The property investment arm of Qatar's sovereign wealth fund is reportedly in talks to take over CPC Group's equity stake in the Chelsea Barracks development in London. According to several media reports, Qatari Diar Real Estate Investment has acquired an option to purchase CPC's equity stake in the joint venture vehicle established to develop the Project Blue scheme.
UK-based CPC Group and Qatari Diar completed the purchase of the five-hectare property in London's Westminster district from Britain's Ministry of Defence for £959 mln (EUR 1.25 bn) in January this year.
A month later Qatari Diar said it had secured $2.5 bn (EUR 1.64 bn) in funding for the joint venture purchase of the Chelsea Barracks. The loan was underwritten by Qatari Islamic lender Masraf Al Rayan, BNP Paribas, Calyon Credit Agricole, HSBC Amanah, and Qatar National Bank.
The company has plans to develop 135,00 m2 of luxury apartments, a luxury hotel and an underground car park on the site. Architect practice Rogers Stirk Harbour + Partners in conjunction with London's leading interior design house and development manager, Candy & Candy, will lead the new development project.
