Barwa sells Paris centre for $620mn

by Reuters Thursday, 30 August 2007

Qatar's Barwa Real Estate said on Thursday it had agreed to sell a convention centre in Paris for 456 million euros ($619.9 million), making a 13% return on its investment in four months.

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Barwa bought the property at an auction in April for 404 million euros and said at the time it would spend another 140 million euros renovating the building and converting parts of it into a seven-star hotel and luxury apartments.
The return on investment was too attractive to turn down, Barwa said in a statement on the Qatar stock exchange website, without naming the buyer.

"The company will invest a large part of the profit in other projects," Barwa said, adding it was studying investments in Europe's tourism industry.

Investors linked to the Qatari government are scouring the globe for assets to invest windfall revenues from energy exports. Qatar has the world's third-largest gas reserves and is the largest exporter of liquefied natural gas.

State-owned investment fund Delta Two made a 10.4 billion pound ($20.87 billion) bid approach for J Sainsbury, Britain's third-biggest supermarket chain, in July.



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