Glencore’s Head of Copper Pays $70 Million for London Apartment
(Bloomberg) — The head of copper mining and trading at Glencore Plc has paid 46 million pounds ($70 million) for an apartment in London’s upscale Belgravia district.
Telis Mistakidis, whose 3 percent stake in the Swiss commodities trader is valued at about 1.2 billion pounds, bought the property in October last year, according to a filing to the Land Registry. Mistakidis is Glencore’s fifth-largest shareholder according to data compiled by Bloomberg, and received a $70 million dividend payment last year.
The 735 square meter (7,900 square foot) apartment was designed by Foster & Partners and comes with a double height reception room, 24-hour concierge and two terraces. It has a master bedroom, four guest bedrooms and two staff bedrooms.
The property was offered for sale by affiliates of Christian Candy’s CPC Group, one of the developers of the One Hyde Park luxury apartment complex in Knightsbridge.
Mistakidis, 53, joined Glencore in 1993 in the zinc and lead division. Before that the alumnus of the London School of Economics worked for rival commodity trader Cargill Inc. He used a mortgage from UBS AG to buy the property, according to the filing, and declined to comment when contacted by Bloomberg.
Home values in London’s best districts fell 4.2 percent in the last quarter of 2014 as the government increased stamp duty transaction tax to as much as 12 percent for the portion paid above 1.5 million pounds, broker Savills Plc said today in a report.
Chief Executive Officer Ivan Glasenberg is Glencore’s second-biggest investor with an 8.4 percent holding. The company is the world’s third-biggest miner by market value. BHP Billiton Ltd. and Rio Tinto Group are the two largest miners.
The purchase was first reported by the Evening Standard.
Peter Grauer, the chairman of Bloomberg LP, the parent of Bloomberg News, is a non-executive director of Glencore.
To contact the reporters on this story: Jesse Riseborough in London at jriseborough@bloomberg.net; Neil Callanan in London at ncallanan@bloomberg.net To contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net Tony Barrett, Alex Devine
