British Land offer for Harrods snubbed

British newspapers reported on Sunday that the UKÂ's second biggest property firm British Land had offered to buy high-brow London store Harrods and lease it back to owner Mohamed Al Fayed, but had been rejected.

The Sunday Telegraph said Fayed had rejected the offer, made in the last fortnight by British Land Co PlcÂ's chairman and chief executive John Ritblat, and told him the store was not for sale. The Sunday Times cited sources close to Ritblat as saying the Egyptian multi-millionaire had approached him and that talks, which were at an early stage, were continuing. However, it also cited Fayed as saying that properties like Harrods and the Paris Ritz hotel he also owns were not for sale at any price.

(source: Reuters)

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