Tuesday, Apr 17, 2012
(This story was originally published Monday.)
ABU DHABI (Zawya Dow Jones)--Qatar's sovereign wealth fund said Monday it signed an agreement to acquire Smeralda Holding, owner of luxury hotel resorts on Costa Smeralda in Sardinia, from the US-based real estate investment firm Colony Capital.
Under the terms of the agreement, Qatar Holding will acquire a portfolio consisting of four luxury hotels, a marina, a shipyard, a golf club and a 51% stake in 2,290 hectares of nearby undeveloped land and various other real estate assets in Costa Smeralda, it said in a statement.
The existing management team of Smeralda Holding will remain after the completion of the deal, which depends on antitrust approval from Italian competition authorities, it added.
Qatar Holding is the overseas investment arm of the Qatar Investment Authority and is funneling billions of dollars into overseas assets with money from oil and natural gas exports to diversify the Gulf state's economy and give it exposure to Western economies.
-By Alex Delmar-Morgan, Dow Jones Newswires; +974 6659 9818; alex.delmar-morgan@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
17-04-12 0338GMT
