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Arabs buy up British queen’s real estate

February 9th, 2008

Company International Hotel Investments, controlled by Dubai government, has entered into the agreement on purchase of London hotel Metropole on quay of Thames, and also the several next buildings, which are being possessed by the British crown.
The sum of the transaction has made 130 million pounds sterling (more than $255 million). As it has become known, apartment houses will be constructed there, and the hotel will be reconstructed.
International Hotel Investments, in which portfolio construction and management of 15 hotels enter, has been chosen among several applicants for purchase of the specified site. According to Charles Gardner, the chapter of company Crown Estate, operating royal property, criterion of selection was a project of reconstruction of a historical building of the hotel, constructed in 19 century.
In result of reorganization in a building, the total area will make more than 37 thousand square meters and the hotel will offer 283 room-numbers and elite apartments.
Arabian investors buy up the real estate in large cities of the Europe and America more actively; in particular, it concerns New York and London. In January, 2008 belonging authorities of Qatar Qatari Diar Real Estate Investment has bought London’s Chelsea Barracks for 959 million pounds sterling (nearby $2 billion).
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