Ex Bidder for Bulgaria Steel Mill Buys UK's Costliest Flat

Business | April 20, 2011, Wednesday // 09:43|  views

The US magazine Forbes estimated Akhmetov's worth at USD 16 B. Photo by EPA/BGNES

Ukraine's richest man, Rinat Akhmetov, who was tipped as a potential buyer of Bulgaria's largest steel mill Kremikovtzi during the mill's insolvency procedure, has bought Britain's most expensive flat.

The oligarch forked out GBP 136 M (USD 220.7M) for a luxurious apartment at the One Hyde Park residential development in London's Knightsbridge area.

Akhmetov's company System Capital Management, a conglomerate whose interests range from mining and metals to banking and the media, confirmed it had bought a property in the development in Knightsbridge, named One Hyde Park.

"SCM bought the property in London at the One Hyde Park residential development in 2007 as a portfolio investment," it said in a statement, adding that it had agreed with the developers not to release further details.

The US magazine Forbes estimated Akhmetov's worth at USD 16 B.

One Hyde Park have been dubbed the world's most expensive apartments, and were the brainchild of self-styled developers-to-the-rich Nick and Christian Candy.

More than half of the 80 apartments have so far been sold, reports say.

Two and a half years ago Rinat Akhmetov was believed to be the preferred choice of the Bulgarian government among candidates, interested to run the operation of the troubled steel mill Kremikovtzi during the plant's ongoing insolvency procedure.

Local media reports described Akhmetov as the "mysterious" investor interested in the steel-maker who was mentioned by the then Bulgaria's Economy Minister.

Bulgaria finally sold earlier in April the production assets of Kremikovtzi steel mill in a fourth auction to a newly established local company, owned by 26-year-old Lachezar Varnadzhiev.

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Tags: flat, apartment, One Hyde Park, Kremikovtzi, Bulgaria, Britain, Akhmetov, Rinat, Knightsbridge


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