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OA260
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Harrods Sold For £1.5bn ($2.3bn) To Qatar

Sat May 08, 2010 7:40 pm

Mohammed Al Fayed sells Harrods store to Qatar Holdings

Mohammed Al Fayed has sold London department store Harrods to the Qatari royal family's investment company for a reported £1.5bn ($2.3bn).
The Egypt-born tycoon acquired the business in Knightsbridge following a £615m takeover in 1985.
Ken Costa, an adviser to the deal with Qatar Holdings, said Mr Al Fayed was retiring "to spend more time with his children and grandchildren".

http://news.bbc.co.uk/2/hi/business/8669657.stm

I hope they dont make too many changes.

http://img706.imageshack.us/img706/1664/harrods.jpg

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MadameConcorde
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RE: Harrods Sold For £1.5bn ($2.3bn) To Qatar

Sat May 08, 2010 8:03 pm

I saw this earlier today. Why did Mohammad Fayed sell Harrods I wonder?
What has decided him to sell Harrods? I thought he wanted to be buried in a pyramid inside Harrods when he died?

As to the Qatari they are really looking hard to invest. They wanted to buy the whole Société des Bains de Mer here in Monaco - which is owned at 70 % by Prince Albert and the Grimaldi family. The Qatari investment fund got 2,4 % of the SBM which is the largest employer in Monaco with still over 3,000 employees.

I hear that Qatar are still trying to acquire property and businesses in Monaco as they are betting on the Principality as a booming place and tax haven which it is so they are trying to set foot in the Principality. I am not sure how successful they will be. This remains to be seen.
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Ken777
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RE: Harrods Sold For £1.5bn ($2.3bn) To Qatar

Sat May 08, 2010 9:27 pm

I'll assume that all Harrod's locations were included in the deal. Per square foot I'd bet that some of the LHR stores competes with the main store.

I'll also assume that the price includes the land, free & clear.
 
MadameConcorde
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RE: Harrods Sold For £1.5bn ($2.3bn) To Qatar

Sun May 09, 2010 7:09 am

What is the reason for the sale I wonder?
Did Mohammad Al Fayed need an influx of fresh cash?

I am curious to see if he will now sell the Ritz Hotel on the Place Vendôme.

   
There was a better way to fly it was called Concorde
 
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SOBHI51
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RE: Harrods Sold For £1.5bn ($2.3bn) To Qatar

Sun May 09, 2010 10:35 am

Quoting MadameConcorde (Reply 3):
What is the reason for the sale I wonder?
Did Mohammad Al Fayed need an influx of fresh cash?

I am curious to see if he will now sell the Ritz Hotel on the Place Vendôme.

Mr. Al Fayed was involved in the day to day running of Harrods. He was usually in his office by AM daily.
If he is selling Harrods to be with his family then i don't think that the same will apply on the Ritz hotel.
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MadameConcorde
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RE: Harrods Sold For £1.5bn ($2.3bn) To Qatar

Sun May 09, 2010 10:42 am

This has to be the biggest Real Estate transaction of late in London.
I don't see what else could be sold at such a value.
I wonder if the land is also included in the transaction?

Any idea of the final sales price, all inclusive, paper work and all?
Is the transaction closed?

Her Majesty is probably happy that he will no longer be the owner of Harrods.    
There was a better way to fly it was called Concorde
 
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SOBHI51
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RE: Harrods Sold For £1.5bn ($2.3bn) To Qatar

Sun May 09, 2010 2:52 pm

Quoting MadameConcorde (Reply 5):
Her Majesty is probably happy that he will no longer be the owner of Harrods.

Maybe now the Royal seal will be back.
I am against any terrorist acts committed under the name of Islam
 
Hywel
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RE: Harrods Sold For £1.5bn ($2.3bn) To Qatar

Sun May 09, 2010 3:02 pm

Quoting MadameConcorde (Reply 3):
What is the reason for the sale I wonder?
Did Mohammad Al Fayed need an influx of fresh cash?

He's probably wasted his entire fortune on trying to persuade the media that his son was killed by MI5 and Princess Diana's death was a conspiracy... no wonder he needs a quick influx of cash!
 
ME AVN FAN
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RE: Harrods Sold For £1.5bn ($2.3bn) To Qatar

Tue May 11, 2010 8:36 pm

Quoting MadameConcorde (Reply 1):
Why did Mohammad Fayed sell Harrods

Due to the lack of a successor of his choice. Dodi was the heir for that role.

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