(Bloomberg) — Hong Kong’s Lau family and Qatar Investment Authority agreed to pay HK$7.75 billion ($1 billion) to increased their stakes in department store operator Lifestyle International Holdings Ltd.

Thomas Lau, Lifestyle’s chief executive officer, and his family hold 50 percent of the Hong Kong-based retailer after acquiring a 29 percent stake, triggering a mandatory offer for the owner of Sogo department stores, according to a statement to the stock exchange. QIA’s holding totals 22.8 percent from purchasing 2.9 percent of the company in the transactions that were completed Dec. 22, it said.

Thomas Lau plans to maintain the listing of Lifestyle after the close of the offer, according to the statement. The major shareholders have no intention to privatize the company, it said in an e-mailed response to questions.

Lifestyle’s shares were sold for HK$14.75 each by Real Reward Ltd., a company equally owned by the Lau family and Chow Tai Fook Enterprises Ltd., controlled by Hong Kong billionaire Cheng Yu-tung, according to today’s statement.

QIA, the owner of the Harrods department store in London, bought 20 percent of Lifestyle in October in its first major acquisition in Asia as the sovereign wealth fund diversifies its global portfolio. QIA’s investments this year have included an European e-commerce company and global business travel through a joint venture with American Express Co.

Lifestyle declined 1.7 percent, the most since Oct. 21, to HK$14.96 at the close in Hong Kong trading, paring its gain this year to 4.2 percent. The benchmark Hang Seng Index fell 0.3 percent today.

Lifestyle, which runs two Sogo shopping malls in Hong Kong and four in China, reported net income fell 7.2 percent to HK$1 billion in the six months ended June from a year earlier when it recorded a disposal gain.

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