Qatar fund buys into HK retailer to diversify
Print Edition
QATAR’S sovereign wealth fund said yesterday that it had bought a 19.9 percent stake in Hong Kong-based retail operator Lifestyle International Holdings for US$600 million.
The Qatar Investment Authority said the acquisition was part of its strategy in “diversifying” its investments and “expanding into new markets in Asia,” according to a statement published on the official QNA news agency.
The retail operator runs a number of retail outlets including the Sogo department store in Hong Kong.
Founded in 2005 and headed by Qatar’s emir, QIA has invested billions of dollars in businesses, including Germany’s Volkswagen and French energy giant Total.
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