London Daily

Focus on the big picture.
Saturday, Dec 20, 2025

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
Women in Partial Nudity — and Bill Clinton in a Dress and Heels: The Images Revealed in the “Epstein Files”
US Envoy Witkoff to Convene Security Advisers from Ukraine, UK, France and Germany in Miami as Peace Efforts Intensify
UK Retailers Report Sharp Pre-Christmas Sales Decline and Weak Outlook, CBI Survey Shows
UK Government Rejects Use of Frozen Russian Assets to Fund Aid for Ukraine
UK Financial Conduct Authority Opens Formal Investigation into WH Smith After Accounting Errors
UK Issues Final Ultimatum to Roman Abramovich Over £2.5bn Chelsea Sale Funds for Ukraine
Rare Pink Fog Sweeps Across Parts of the UK as Met Office Warns of Poor Visibility
UK Police Pledge ‘More Assertive’ Enforcement to Tackle Antisemitism at Protests
UK Police Warn They Will Arrest Protesters Chanting ‘Globalise the Intifada’
Trump Files $10 Billion Defamation Lawsuit Against BBC as Broadcaster Pledges Legal Defence
UK Says U.S. Tech Deal Talks Still Active Despite Washington’s Suspension of Prosperity Pact
UK Mortgage Rules to Give Greater Flexibility to Borrowers With Irregular Incomes
UK Treasury Moves to Position Britain as Leading Global Hub for Crypto Firms
U.S. Freezes £31 Billion Tech Prosperity Deal With Britain Amid Trade Dispute
Prince Harry and Meghan’s Potential UK Return Gains New Momentum Amid Security Review and Royal Dialogue
Zelensky Opens High-Stakes Peace Talks in Berlin with Trump Envoy and European Leaders
Historical Reflections on Press Freedom Emerge Amid Debate Over Trump’s Media Policies
UK Boosts Protection for Jewish Communities After Sydney Hanukkah Attack
UK Government Declines to Comment After ICC Prosecutor Alleges Britain Threatened to Defund Court Over Israel Arrest Warrant
Apple Shutters All Retail Stores in the United Kingdom Under New National COVID-19 Lockdown
US–UK Technology Partnership Strains as Key Trade Disagreements Emerge
UK Police Confirm No Further Action Over Allegation That Andrew Asked Bodyguard to Investigate Virginia Giuffre
Giuffre Family Expresses Deep Disappointment as UK Police Decline New Inquiry Into Andrew Mountbatten-Windsor Claims
Transatlantic Trade Ambitions Hit a Snag as UK–US Deal Faces Emerging Challenges
Ex-ICC Prosecutor Alleges UK Threatened to Withdraw Funding Over Netanyahu Arrest Warrant Bid
UK Disciplinary Tribunal Clears Carter-Ruck Lawyer of Misconduct in OneCoin Case
‘Pink Ladies’ Emerge as Prominent Face of UK Anti-Immigration Protests
Nigel Farage Says Reform UK Has Become Britain’s Largest Party as Labour Membership Falls Sharply
Google DeepMind and UK Government Launch First Automated AI Lab to Accelerate Scientific Discovery
UK Economy Falters Ahead of Budget as Growth Contracts and Confidence Wanes
Australia Approves Increased Foreign Stake in Strategic Defence Shipbuilder
Former UK Prime Minister Boris Johnson proclaims, “For Ukraine, surrendering their land would be a nightmare.”
Microsoft Challenges £2.1 Billion UK Cloud Licensing Lawsuit at Competition Tribunal
Fake Doctor in Uttar Pradesh Accused of Killing Woman After Performing YouTube-Based Surgery
Hackers Are Hiding Malware in Open-Source Tools and IDE Extensions
Traveling to USA? Homeland Security moving toward requiring foreign travelers to share social media history
UK Officials Push Back at Trump Saying European Leaders ‘Talk Too Much’ About Ukraine
UK Warns of Escalating Cyber Assault Linked to Putin’s State-Backed Operations
UK Consumer Spending Falters in November as Households Hold Back Ahead of Budget
UK Orders Fresh Review of Prince Harry’s Security Status After Formal Request
U.S. Authorises Nvidia to Sell H200 AI Chips to China Under Security Controls
Trump in Direct Assault: European Leaders Are Weak, Immigration a Disaster. Russia Is Strong and Big — and Will Win
"App recommendation" or disguised advertisement? ChatGPT Premium users are furious
"The Great Filtering": Australia Blocks Hundreds of Thousands of Minors From Social Networks
Mark Zuckerberg Pulls Back From Metaverse After $70 Billion Loss as Meta Shifts Priorities to AI
Nvidia CEO Says U.S. Data-Center Builds Take Years while China ‘Builds a Hospital in a Weekend’
Indian Airports in Turmoil as IndiGo Cancels Over a Thousand Flights, Stranding Thousands
Hollywood Industry on Edge as Netflix Secures Near-$60 Bln Loan for Warner Bros Takeover
Drugs and Assassinations: The Connection Between the Italian Mafia and Football Ultras
Hollywood megadeal: Netflix acquires Warner Bros. Discovery for 83 billion dollars
×