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Glencore exec pays $70m for London pad

Johannesburg - The head of copper mining and trading at Glencore Plc [JSE:GLN] has paid $70m for an apartment in London’s upscale Belgravia district.

Telis Mistakidis, whose 3% stake in the Swiss commodities trader is valued at about £1.2bn, 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 $70m dividend payment last year.

The 735m² 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% in the last quarter of 2014 as the government increased stamp duty transaction tax to as much as 12% for the portion paid above £1.5m, broker Savills said in a report.

CEO Ivan Glasenberg is Glencore’s second-biggest investor with an 8.4% holding. The company is the world’s third-biggest miner by market value. BHP Billiton and Rio Tinto Group are the two largest miners.

The purchase was first reported by the Evening Standard.

Peter Grauer, the chair of Bloomberg LP, the parent of Bloomberg News, is a non-executive director of Glencore.

READ: Glencore sticks to its own for top jobs

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