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Qataris buy US Embassy building in London

By legal_pad on Wed, 04/11/2009 - 1:21am

The United States has agreed to sell its embassy building in Grosvenor Square, Mayfair, to Qatari Diar, the sovereign wealth-backed developer, for an undisclosed sum.

The US State Department said that it will sell the Chancery building, home to the US Embassy in Britain for almost half a century, to the property investment company owned by the Qatar Investment Authority (QIA).

The building was worth an estimated £500 million at the peak of the market in July 2007 when Qatari Diar was first linked with a possible purchase. However, the building is now thought to be worth less after a 45 per cent decline in commercial property values.


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