The Al-Khayyat family in Qatar, which operates a portfolio of businesses in the Gulf state, is reportedly planning to divest its premium property in London.
The family conglomerate, which owns enterprises in various sectors, including food, real estate, hospitality and lifestyle, is looking to sell the Naval Club, a mansion located on 38 Hill Street in London’s Mayfair, Bloomberg reported on Friday.
The Qatari family acquired the palatial Georgian property for around £28 million ($35 million) in 2021.
The family has enlisted luxury property agent Wetherell to find a buyer for the property, which was originally constructed in the 1700s, Bloomberg said.
The Naval Club is listed as one of the assets owned by Power International Holding (PIH), which is run by Moutaz Al-Khayyat the company’s Chairman and Ramez Al-Khayyat, the Group CEO.
The company, which operates in general contracting, industries and services, agriculture and food industries, real estate and lifestyle, has more than 65,000 workers on its payroll. Its portfolio includes factories, resorts, hotels, restaurants and retail properties, according to its website.
(Writing by Cleofe Maceda; editing by Seban Scaria)