(MENAFN) Qatar Investment Authority, the sovereign wealth fund, announced it has acquired USD616 million worth of stake in Lifestyle International Holdings, operator of the SOGO department stores in Hong Kong and mainland China, Arabian Business reported.
The Authority will acquire 19.9 percent stake in the company from Lifestyle's dominant shareholder, Real Reward Ltd, which is equally controlled by a unit of Chow Tai Fook Jewellery Group Ltd and the family of Hong Kong businessman Thomas Lau.
The deal will be part of Qatar's wider bid to invest up to USD15 billion in China, Japan and South Korea, with the Gulf country already owning assets in Harrods, Barclays, Credit Suisse, Tiffany & Co and Canary Wharf Group.
"QIA's investment in Lifestyle International Holdings is a continuation of QIA's investment plan to diversify its global portfolio; this time in Asia," the fund said.
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