Riyadh – Mubasher: Sidra Capital is reportedly in talks to purchase the Ritz Hotel in London, the Financial Times reported.

Billionaire British twins, David and Hugh Barclay, are receiving interest from the Saudi investment group in what would be the first transfer of property of the iconic hotel in 25 years.

The Barclay brothers reportedly target a price of no less than GBP 750 million ($980 million).

The hotel is located in Piccadilly and was originally built in 1906. It was acquired by the Barclay brothers in 1995 for around GBP 75 million.

Last year, Sidra Capital increased its presence in the UK by investing in a large commercial property leased to leading British retailers Sainsbury’s and Pets.

The Shariah-compliant financial services company also expanded its portfolio in 2019 by acquiring seven student housing properties in the US.