Alan Yau has reportedly sold both his Michelin-stared Chinese restaurants for $60m (£30.5m) to funds owned by Abu Dhabi.
The Hong-Kong born London restaurateur sold Hakkasan and Yauatcha to Tasameem, a property arm of the Abu Dhabi Investment Authority, according to the Times.
It is understood that Yau, who founded noodle bar chain Wagamama, will keep a minority stake in the business.
He decided to sell to raise funds to expand the restaurants overseas, starting with leading cities in Europe and the USA.
Tasameem owns several hotel chains and is working with Hard Rock International to build the first Hard Rock Hotel in Dubai., but this is the first time that it has moved into the London restaurant scene.
Yau recently launched Sake No Hana, a fine-dining Japanese restaurant in central London, and is due to open Cha Cha Moon, a “fast casual” Chinese eaterie in Soho.
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By Daniel Thomas
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