Abu Dhabi wants to buy Claridge’s, The Berkeley & The Connaught for £1.6bn

The Abu Dhabi Investment Authority (ADIA), the world’s second-largest sovereign wealth fund, owns assets worth over $773bn.

This year, they are rumoured to be going on a shopping spree to snap up more assets around the world.

First stop? London.

The ADIA are planning to buy three of London’s top hotels, Claridge’s, The Berkeley and The Connaught, for £1.6bn.

According to media reports, the sovereign wealth fund has written to Cororin, the owners of the hotels, to express interest.

The Barclay brothers, owners of the Telegraph Group, have a 64% stake in Coroin. The other minority investor in the hotel group is Paddy McKillen.

McKillen and the Barclay brothers don’t see eye to eye. In 2012, McKillen took the brothers to court for their move to takeover the company. However, he lost the case.

The Barclay brothers are known to be willing to sell their stake in Coroin. However, McKillen insists he will remain a minority stakeholder in the company.

McKillen said: “It looks like the Barclays are fortunate to have ADIA and me interested in buying their interests”.

He went on to say that he has no intention of selling but is “willing to engage with any new partner”.

 

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