Qatari Diar Settles Lawsuit Over London Chelsea Barracks With Candy's CPC
(Corrects conversion in fourth paragraph.)
The real-estate investment arm of Qatar’s sovereign-wealth fund settled a lawsuit with U.K. developer CPC Group Ltd. over a failed deal to redevelop London’s landmark Chelsea Barracks site.
CPC, controlled by entrepreneur Christian Candy, accused Qatari Diar of wrongfully backing out of the deal to avoid upsetting Prince Charles, who had complained about the plan’s design. Under the settlement, Candy dissolved his interest in the deal and apologized for “any offense” caused by bringing the Prince of Wales into the case, the companies said today.
CPC “will no longer have any interest in, or involvement with, the former Chelsea Barracks site,” the companies said in the statement. The site “is owned entirely by Qatari Diar.” Financial terms weren’t disclosed.
A joint venture of CPC and Qatari Diar paid 959 million pounds ($1.47 billion) for Chelsea Barracks in January 2008. In November of that year, Qatari Diar bought out CPC’s stake for an initial payment of about 38 million pounds and agreed to make 81 million pounds in deferred payments, CPC said.
Judge Geoffrey Vos ruled on June 25 that Qatari Diar had wrongfully backed out of the deal and said the parties’ suspicions of each other were “exaggerated.”
Candy also apologized to Qatar’s prime minister, Sheikh Hamad bin Jassim bin Jabr Al Thani, and Qatari Diar Managing Director Ghanim bin Saad Al Saad for “any offense” caused by the lawsuit, according to the statement.