Qatar’s sovereign-wealth fund is liable for at least 12 million pounds ($18 million) more in taxes on an affiliate’s purchase of the Chelsea Barracks London luxury-housing development, a U.K. tax tribunal ruled.
Qatari Diar Real Estate Investment Co. will use its own cash to fund the development of the former Chelsea Barracks in London and has bought out a loan of more than 1 billion pounds ($1.6 billion) which was used to buy the site, the Financial Times reported, citing Stephen Barter, chief executive officer.
Qatari Diar Real Estate Investment Co., a unit of the emirate’s sovereign wealth fund, is unlikely to win a suit over plans for an apartment complex at London’s Chelsea Barracks unless the emir of Qatar testifies at a trial.
Qatari Diar Real Estate Investment Co., a unit of the emirate’s sovereign-wealth fund, should pay as much as 81 million pounds ($117 million) for abandoning a deal to build luxury apartments at London’s Chelsea Barracks , U.K. developer CPC Group Ltd. said at a trial today.
On a Sunday morning in October, Simon Kelly sat in the breakfast room of Dublin’s Morrison Hotel, looking eager to chat. Simon, 38, and his father, Paddy Kelly, 66, were once among Ireland’s most audacious real estate developers. During the boom years, they borrowed about 700 million euros ($950 million) from Anglo Irish Bank Corp. to buy golf resorts and build hotels.
The real-estate investment arm of Qatar’s sovereign-wealth fund wrongfully backed out of a deal to redevelop London’s landmark Chelsea Barracks site after the plan was opposed by Prince Charles, a judge ruled.
Qatari Diar Real Estate Investment Co., part of the emirate’s sovereign-wealth fund, deleted e-mail evidence and let witnesses lie during a trial over a botched deal to build luxury apartments at London’s Chelsea Barracks , U.K. developer CPC Group Ltd. told a judge.