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Posted On: 22 February 2012 01:56 pm
Updated On: 12 November 2020 02:11 pm

Qatar Holding Buys Credit Suisse's London Headquarters

QNE
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DOHA (Zawya Dow Jones)--Qatar Holding, the overseas investment arm of the country's wealth fund, has bought the London headquarters of Credit Suisse in Canary Wharf and will lease it back to the bank in a long term deal until 2034, it said. Talks over the sale of the building between Qatar and the Swiss investment bank were in their final stages and a deal was imminent, according to media reports late last month. The 546,114 square feet building at One Cabot Square in Canary Wharf will be rented back to Credit Suisse in a long-term agreement that would "yield stable long-term income with attractive contractual rental uplifts", Qatar Holding said in a statement posted on its website. Qatar Holding, which invests on behalf of the government-controlled Qatar Investment Authority, owns 8.9% of Credit Suisse and has a 28% stake in Songbird Estates, the majority owner of the Canary Wharf Group. The acquisition marks yet another foray into prime London real estate by the Qataris after they bought the former U.S. embassy building in the U.K. capital in late 2009 and the Chelsea Barracks in 2007 for just under GBP1 billion. A weaker pound and depressed real-estate prices have made London an attractive foreign investment location for Gulf Arabs whose domestic currencies are mostly pegged to the U.S. dollar. Fox business