London Daily

Focus on the big picture.
Sunday, Mar 01, 2026

Vatican-gate: more London luxury property deals revealed

Vatican-gate: more London luxury property deals revealed

Cardinal Becciu, forced to resign by the Pope last week, oversaw Knightsbridge purchases

The cardinal who oversaw the team at the heart of a Vatican investigation into a suspicious London property deal conducted additional investments of up to £100m in other London luxury apartments, documents show.

Documents including emails and financial accounts seen by the Financial Times show that Cardinal Giovanni Angelo Becciu, whom Pope Francis forced to resign last week, invested Vatican funds into a portfolio of ultra-prime flats in and around Cadogan Square, Knightsbridge, one of the most expensive residential addresses in London.

The revelations of additional high-end London property acquisitions decided by the 72-year-old Italian clergyman come as Vatican magistrates are investigating a separate €350m investment in a large building in Chelsea called 60 Sloane Avenue, which Cardinal Becciu also oversaw when it was made in 2014.

The Holy See has said the Sloane Avenue deal caused large losses. A London-based businessman, Gianluigi Torzi, was charged and arrested by the Vatican authorities with “extortion, embezzlement, aggravated fraud and self laundering” for payments made to him for his role as a middleman in the purchase. The Italian, who was released from custody, denies wrong doing.

The new documents, which do not suggest any wrongdoing, shed further light on the financial activities of the powerful Secretariat of State, the Vatican’s central administration office whose mission is also to invest hundreds of millions of euros of donations from Catholics.

Cardinal Becciu was second-in-command of the Secretariat between 2011 and 2018, a role that made him the third most influential man in the Holy See after the Pope. On Friday, he said he had been asked to resign by Pope Francis and vowed to defend himself against all accusations of mismanagement of Vatican funds.

“The Pope told me that he no longer had faith in me because he got a report from magistrates that I committed an act of misappropriation,” Cardinal Becciu said last week. “I accepted his request to step aside. But I am innocent, and I will show it.” He said the allegations were separate from the Secretariat's investment in London property.



The documents show Cardinal Becciu oversaw a development that involved buying three apartments on 7-9 Cadogan Square for a total of £19.25m and spending £1.25m on redecoration and building reforms, including £39,000 on fireplaces, £52,000 on flooring and £7,000 on wallpaper, a document outlining the refurbishments shows.

The Secretariat also purchased 25 Cadogan Square as well as apartments located on 28-29 Hans Place and 130 Pavilion Road.

The acquisitions amounted to £95.75m. That total was partly funded with mortgages from the now defunct Swiss bank BSI, and Rothschild, according to details of the loan agreements seen by the FT.

The development plan was managed by a British company called Sloane and Cadogan, with an aim of selling the refurbished apartments on at a profit. The properties were purchased by the Secretariat of State through four Jersey-incorporated companies named Charybdis, Princeps, Civitas and Valerina, according to corporate filings.

Sloane and Cadogan, which is not suspected of any wrongdoing, declined to comment.

Cardinal Becciu did not respond to emailed questions. He had previously said that investments in London property was accepted Vatican practice and a responsible use of money entrusted to the Secretariat.

In 2017, three years after the initial investment, two Vatican officials reporting to Cardinal Becciu - Alberto Perlasca and Fabrizio Tirabassi - informed Sloane and Cadogan that a different investment company based in Switzerland called Valeur was to be given part of the fees charged to manage and develop the properties, according to correspondence seen by the FT.

Both Mr Perlasca and Mr Tirabassi have been suspended by the Vatican authorities as part of the continuing investigation into the 60 Sloane Avenue investment. That investment was separate and not linked to the Cadogan Square developments.


Cardinal Giovanni Angelo Becciu, left, with the Pope in Saint Peter’s Basilica at the Vatican in 2018


In a letter dated March 2017 seen by the FT, Sloane and Cadogan executives complained to the two now suspended Vatican officials that Valeur had “little or no expertise in the demanding UK super-prime real estate market . . . It is therefore unclear as to how they could advance and add value to the fund’s investments.”

The Sloane and Cadogan executives eventually declined Mr Perlasca and Mr Tirabassi’s request to insert Valeur into the project, according to people with knowledge of the exchange, and the deal never happened.

Valeur told the FT that its executives had never met Cardinal Becciu and had “a limited number of contacts strictly in relation to technical matters” with Mr Perlasca when the Secretariat requested it was made an “investment adviser”.

Valeur said it was not subject to any investigation by the Vatican or any other legal authority, had not received any request for information and had not been accused of any wrongdoing.

Mr Perlasca did not respond to emailed questions about the reason behind his request to insert Valeur into the management of the London properties. When Cardinal Becciu was asked last week if he or the Secretariat had ever done business with Valeur, he said: “I have never heard of these men.”

Newsletter

Related Articles

0:00
0:00
Close
When the State Replaces the Parent: How Gender Policy Is Redefining Custody and Coercion
Bill Clinton Denies Knowing Woman in Hot Tub Photo During Closed-Door Epstein Deposition
Former U.S. President Bill Clinton Testifies on Ties to Jeffrey Epstein Before Congressional Oversight Committee
Dyson Reaches Settlement in Landmark UK Forced Labour Case
Barclays and Jefferies Shares Fall After UK Mortgage Lender Collapse Rekindles Credit Market Concerns
Play Exploring Donald Trump’s Rise to Power by ‘Lehman Trilogy’ Author to Premiere in the UK
Man Arrested After Churchill Statue Defaced in Central London
Keir Starmer Faces Political Setback as Labour Finishes Third in High-Profile By-Election
UK Assisted Dying Bill Set to Fall Short in Parliament as Regional Initiatives Gain Ground
UK Defence Ministry Clarifies Position After Reports of Imminent Helicopter Contract
Independent Left-Wing Plumber Secures Shock Victory as Greens Surge in UK By-Election
Reform UK Refers Alleged ‘Family Voting’ Incidents in By-Election to Police
United Kingdom Temporarily Withdraws Embassy Staff from Iran Amid Heightened Regional Tensions
UK Government Reaches Framework Agreement on Release of Mandelson Vetting Files
UK Police Contracts With Israeli Surveillance Firms Spark Debate Over Ethics and Oversight
United Airlines Passenger Hears Cockpit Conversations After Accessing In-Flight Audio Channel
Spain to Conduct Border Checks on Gibraltar Arrivals Under New Post-Brexit Framework
Engie Shares Jump After $14 Billion Agreement to Acquire UK Power Grid Assets
BNP Paribas Overtakes Goldman Sachs in UK Investment Banking League Tables
Geothermal Project to Power Ten Thousand Homes Marks UK Renewable Energy Milestone
UK Visa Grants Drop Nineteen Percent in 2025 as Migration Controls Tighten
Barclays and Jefferies Among Banks Exposed to Collapse of UK Mortgage Lender MFS
UK Asylum Applications Edge Down in 2025 Despite Rise in Small Boat Crossings
Jefferies Reports Significant Exposure After Collapse of UK Lender MFS
FTSE 100 Reaches Fresh Record Highs as Major Share Buybacks and Earnings Lift London Stocks
So, what's happened is, I think, government policy, not just under Labour, but under the Conservatives as well, has driven a lot of small landlords out of business.
Larry Summers, the former U.S. Treasury Secretary, is resigning from Harvard University as fallout continues over his ties to Jeffrey Epstein.
U.S. stocks ended higher on Wednesday, with the Dow gaining about six-tenths of a percent, the S&P 500 adding eight-tenths of a percent, and the tech-heavy Nasdaq climbing roughly one-and-a-quarter percent.
From fears of AI-fuelled unemployment to Big Tech's record investment, this is AI Weekly.
Apple just dropped iOS 26.4.
US Lawmakers Seek Briefing from UK Over Reported Encryption Order Directed at Apple
UK Business Secretary Calls on EU to Remove Trade Barriers Hindering Growth
Legal Pathways for Removing Prince Andrew from Britain’s Line of Succession Examined
PM Netanyahu welcome India PM Narendra Modi to Israel
Shadow Diplomacy: How Harry and Meghan’s Jordan Trip Undermines the Monarchy
Sir Jim Ratcliffe, co-owner of Manchester United, comments on immigration in the UK.
Bill Gates, the UN and the WEF are attempting to construct "a giant digital gulag for all of humanity" via digital ID, CBDCs and vaccine passport infrastructure.
Britain’s Channel Crisis: Paying Billions While the Boats Keep Coming
Downing Street’s Veteran Deception Scandal
UK HealthCare Expands ‘Food as Health’ Initiative Statewide to Tackle Chronic Illness in Kentucky
Leonardo Chief Says UK Set to Decide on New Medium Helicopter Programme
UK Slows Chagos Islands Agreement After Concerns Raised in Washington
European and UK Stock Markets Reach Fresh Highs as Banks and Miners Lead Rally
UK Government Insists Chagos Islands Negotiations Continue After Minister’s ‘Pause’ Remark
No Confirmed Deal for Engie to Acquire UK Power Networks Amid Market Speculation
UK Reaffirms Updated Entry Requirements for Travellers as of February 25, 2026
General Atlantic to sell equity stake in ByteDance, valuing the company at $550 billion
German Chancellor Friedrich Merz Secures Pledge from China for Greater Imports of Quality Goods
Lord Mandelson Condemns Arrest as Driven by ‘Baseless Suggestion’ He Would Flee Abroad
Former UK Ambassador Released on Bail Following Arrest in Epstein-Linked Investigation
×