Qatar Investment Authority (QIA) has purchased a stake in Hong Kong-based department store operator Lifestyle International Holdings. 

QIA is paying $616m for a stake in the firm, acquiring 347,247,615 shares representing almost 20 per cent of the company’s issued share capital.

The fund has previously invested in European countries, securing stakes in retailers, banks and property developers. It also holds a stake in the London-based Harrods department store.

This latest acquisition suggests the sovereign wealth fund is now considering further opportunities in Asia.

QIA’s wholly-owned subsidiary, Qatar Holding, carried out the purchase of the stake.

The fund was set up in 2005 and currently has total assets of $170bn, according the US-based Sovereign Wealth Fund Institute.