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Qatari Investment Series: QIA Invests in Paris Real Estate and Hotel


Posted: October 16th, 2017


Introduction

DE-Tenants.org has published extensively on the Qatar Investment Authority (QIA) and the royal Al Thani family of Qatar. Our research project has produced, among many other things, an asset list outlining 350+ corporate vehicles connected to the QIA wealth fund and the Al Thani royal family.

Because of reader interest and because the asset list is so extensive, DE-Tenants.org is publishing an ongoing series of posts detailing the asset list’s most notable contents and highlighting interesting trends. This will help readers digest the massive trove and shed more light on the Qatari’s affairs. Today we continue highlighting the Qataris’ luxury French real estate disclosed in the asset list.

Today we will explain how two key French companies link to the QIA and hold EUR 754 million in Paris real estate.


Le Figaro Facade

SCI Q Neo and SCI Q Retiro

SCI Q Neo and SCI Q Retiro are subsidiaries of the Qatar Investment Authority (QIA) sovereign wealth fund. SCI Q Neo and SCI Q Retiro were both incorporated on the same day in April 2012 for the purpose of owning and leasing Paris properties. SCI Q Neo and SCI Q Retiro each own properties forming a respective city block.

SCI Q Neo owns property at 14 Boulevard Haussmann, at 13, 13 bis, 15 and 15bis Rue Laffitte, as well as at 1, 3, 3bis, 5, 7 and 9 Rue Pillet-Will. These locations comprise a single city block. Tenants at the properties include, among others, the Paris Mariott (Hotel Ambassador) and the French daily morning newspaper Le Figaro.

 

document Capture SCI Q Neo property description

 

SCIQNeoPropertyMap

SCI Q Retiro owns property a 1 to 13 Cité du Retiro, 4 bis to 14 Cité du Retiro, 33 to 37 rue Boissy d'Anglas, volume 2 located in a property complex located 28-30-32 rue du Faubourg Saint Honoré, and 1, 2, 2 bis and 4 Cité du Retiro. The properties comprise a single city block dedicated to luxury shopping. Tenants at the properties include, among others, Cartier, Hermes and Givenchy.

 

document Capture SCI Q Retiro property description

 

SCIQNeoPropertyMap

Qatari Parent Companies and the QIA

Learn more about all of the corporate entities featured in this story. Visit our searchable Asset List of hundreds of QIA and Al Thani firms.

The two French firms SCI Q Neo and SCI Q Retiro are, in turn, linked in turn to Qatari parent firms—Neo Holding LLC (Qatar Financial Center No 00152) and Retiro Holding LLC (Qatar Financial Center No 00153). In turn the Qatari parent firms are owned by the QIA’s primary investment arm called Qatar Holding LLC. And the Qatari parent firms feature QIA's head of Mergers & Acquisitions Ahmad Mohammed F Q Al Khanji.

In October 2016, the shareholding structures of SCI Q Neo and SCI Q Retiro were altered to include a new shareholder called Eagle SPPICAV, also a French company linked to the QIA’s Al Khanji. Eagle SPPICAV also feature a principal named Ali Bin Jassim M J AI Thani.

Per Bloomberg, a corporate biography, and DE-Tenants asset list, Sheikh Ali Bin Jasim M J Al Thani represents QIA. He served as a Vice Chairman and Director of Housing Bank For Trade & Finance PSC (based in Jordan) until April 2016. Al Thani has also served as chairman of Qatar Navigation Co. (Qatar), director of United Arab Shipping Co. (Kuwait), director of Champs-Elysees Co. (France), and director of International Bank for Trade and Finance (Syria).


Finances and Credit

The altered shareholding structure of SCI Q Neo and SCI Q Retiro also entailed finance changes. On 8 March 2017, SCI Q Neo and SCI Q Retiro both entered into a credit agreement to receive a line of credit up to EUR 156,800,000 and EUR 152,800,000—respectively—from ING Bank NV and Societe Generale. To receive the credit, SCI Q Neo and SCI Q Retiro required the sponsorship of their corporate parents Neo Holdings LLC, Retiro Holdings LLC, and Eagle SPPICAV, as commemorated in pledge agreements.

Per an audit attached to Eagle SPPICAV's articles of association, in September 2016 Q Neo's properties were valued at a market rate of up to EUR 416,200,000 excluding rights and Q Retiro's properties were valued at a market rate up to EUR 338,200,000 excluding rights.

Eagle SPPICAV Articles Of Association Excerpt


DE-Tenants.org is running a series of posts on the assets of the Qatari elite. Check back regularly.