The Vatican has said it has completed the sale of the luxury London building at the centre of an ongoing corruption trial - after taking an estimated hit of around £120m (€140m)
Vatican prosecutors have accused 10 people, including former Vatican official Fabrizio Tirabassi, of fleecing the Holy See of tens of millions of euros, and Italian broker Gianluigi Torzi of having then extorted the Vatican for €15m to get full ownership of the property. They all deny wrongdoing.to finalise a deal over the Holy See's troubled investment in the London property, but entered into the negotiations without a lawyer and did not realise the deal made the Vatican nothing in return.
The real estate venture began in 2014, when the Vatican's secretariat of state invested £300m with Italian broker Raffaele Mincione. Starting around 2012, the office decided to diversify its portfolio and put £170m in a fund that, among other things, was investing in the London warehouse and developing it into a luxury residential property.
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