The gas-rich country’s sovereign wealth fund is offering 109 million shares for sale at a guide price of £2.80 each, according to a filing Thursday.

Qatar invested in Sainsbury’s in 2007 in one of its first UK investments and abandoned a potential bid for the supermarket group that year. The fund currently holds a 14% stake, according to data compiled by Bloomberg.

Sainsbury’s shares fell as much as 5% in early London trading Friday. The stock is down more than 9% since the start of the year. The supermarket has the second-largest share of the UK grocery market after rival Tesco, according to the latest Kantar data.

Qatar has other high-profile UK investments, including a stake in British Airways owner International Consolidated Airlines Group SA and ownership of luxury London department store Harrods. The QIA also has shares in Barclays Plc but sold almost half its stake in December for £510 million ($666 million). 

Qatar’s latest share sale comes amid a flurry of block trade activity in Europe, as investors look to take advantage of higher stock prices ahead of the upcoming US presidential election and earnings season.

Bankers have sold some $10.3 billion of existing shares on European exchanges since the start of September, with the UK accounting for about a third of volumes, according to data compiled by Bloomberg.

These include a deal this month by Pfizer Inc. to offload £2.4 billion of shares in Sensodyne toothpaste maker Haleon Plc.