Property fund venture spearheaded by Qatar

A new global property fund has been set up by Qatar National Bank.

A new global property fund has been set up by Qatar National Bank.

The US $400 million (QR1.4 billion) fund was launched through Ansbacher, the London-based wealth management group it bought two years ago.

It has raised the first $200 million from investors in Qatar and elsewhere across the Middle East, and is now aiming for another $200 million.

The remit of the fund, which has been planned with Strategic Real Estate Advisors, a property investment consultancy, will be used to purchase property in Europe, the UK and the US.

Qatar is now the richest country in the world on a per capita basis, and has been responsible for several major deals in recent months.

Its foreign investment arm, Qatar Investment Authority (QIA) has backed a London start-up firm, Three Delta, which paid $2.6 billion for Four Seasons Healthcare this summer.

QIA has also joined UBS to bid for Thames Water and expressed an interest in the bidding for Esporta, a UK-based fitness chain.

Other large deals by Middle Eastern investors this year include the $7.1 billion takeover of shipping firm P&O by Dubai Ports World and the $1.5 billion purchase of Madame Tussauds, the London tourist attraction, by Dubai International Capital.

The same company also paid $1.3 billion to acquire UK-based budget hotels group, Travelodge, this summer.

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