Qatar Buys U.S.'s London Embassy Building

[maddezmom]

Source: WSJ

DUBAI -- The U.S. government said Tuesday it sold its embassy building in London to Qatar as the gas-rich Persian Gulf sheikdom expands its property empire in the British capital.

The U.S. State Department will continue to occupy the chancery in Grosvenor Square sold to state-owned Qatari Diar Real Estate Investment Co. until the move to a new embassy planned in south London is complete, according to the statement on the embassy's Web site.

The terms of the deal weren't disclosed. A spokesperson for Qatari Diar wasn't immediately available for comment.

Buying the embassy building, located in central London's exclusive Mayfair district, adds to Qatar's extensive holdings in the British capital's most sought after districts.

"It's an exceptional landmark site," said Jonathan Hewlett, head of London residential sales at U.K. property adviser Savills. "A number one location on the global map. It's a prime piece of real estate in the heart of Mayfair and the Qataris love Mayfair."


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