How London’s realty is being sold off to Qatar

Qatar’s grip on London’s real estate tightened this week when it agreed to buy a majority share in the company behind the iconic Claridge’s hotel.

The Gulf state’s Constellation Hotels bought the 64 per cent stake in hotel company Coroin – which owns five-star offerings Claridge’s, The Berkeley and The Connaught – from billionaire brothers Sir David and Sir Frederick Barclay.

It is not known how much the deal is worth, but some have reported it could be as much as £1.6 billion.

The hotels are the latest in an impressive list of high-profile acquisitions for the country, whose investment arm has been snapping up a number of the city’s landmark buildings including The Shard, Harrods and One Canada Tower – the centrepiece of the Canary Wharf financial district.

Constellation also recently bought London Park Lane Hotel, and owns Le Grand hotel in Paris.

Qatar’s royal family, which owns more of London than the Crown Estate, is also planning their own British palace in the capital.

Last December, the rulers submitted plans to convert three prime properties in London’s Regent’s Park into a huge mansion, set to become the UK’s first £200 million home.

The country also hold stakes in flagship British companies including Barclays Bank, Sainsbury’s and British Airways owner IAG.