Qatari Diar to buy Barwa project for $2.5bn
Doha, June 23, 2014
Qatari property developer Barwa Real Estate said on Monday it was selling its 95 per cent stake in Barwa Commercial Avenue Company to the property arm of the country's sovereign wealth fund for QR9 billion ($2.5 billion).
The deal is part of an agreement by Barwa to sell assets worth a total of $7.1 billion to Qatari Diar, which was originally announced in June last year.
The stake will be sold to Labregah Real Estate Company, a wholly owned subsidiary of Qatari Diar, the developer said in a statement on Qatar's bourse.-Reuters