Qatar First Investment Bank (QFIB) has purchased two properties in central London, including the grade II Leinster Inn Hotel at Leinster Square, which dates from 1857.
QFIB acquired the properties – the other being Westbourne House, Westbourne Grove – in association with a consortium of investors from across the GCC.
Alchemi Group, a UK company, has been appointed as the development manager of the project, which will see the properties turned into residential apartments.
“We are pleased with these two acquisitions in spite of the fact that they are outside our target geographical market. Due to the growing global demand for London’s prime residential property sector, these deals presented themselves as an attractive opportunity for QFIB to enter the UK market,” said Emad Mansour, CEO of QFIB.
The Leinster Inn Hotel is a terraced building spanning 31,500 square feet and is located in the Bayswater Conservation Area in the City of Westminster, and was recently operated by Astor. Located in nearby Westbourne Grove is Westbourne House, a 1980’s office building, which features 35,047 square feet of office and retail space.
“We are optimistic that once the conversion of the properties is complete, they will be attractive to international buyers who are looking to invest in prime properties which in return will yield substantial returns to our investors,” Mansour added.
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