Qatar's Barwa Real Estate sells retail development to Diar

Deal marks continuation of the company’s sell off of assets to Qatar’s sovereign wealth fund

Qatar’s Barwa Real Estate Co has continued to sell off its assets to the country’s sovereign wealth with the offloading this week of a massive retail development near the Industrial Area, Doha News has reported.

The company said in a regulatory filing that it had sold its 95 percent stake in Barwa Commercial Avenue for QR9.02 billion ($2.45bn) to Labregah Real Estate Co, a wholly owned subsidiary of the Qatari Diar Real Estate Investment Co.

The other five percent of Barwa Real Estate is owned by the Qatar government.

The move is reportedly part of an existing debt payment plan that required Barwa to sell QR20bn ($5.49bn) worth of assets to the Diar, Doha News reported.

It has helped expand the government’s already extensive influence on the local real estate market in the process.

In January, the Diar said it had agreed to buy Barwa Real Estate’s 37.34 percent stake in Barwa Bank for QR2.4bn ($659m).

The group also sold its Barwa City project, a planned affordable housing development for up to 25,000 residents, to Labregah Real Estate Co for approximately QR7.57bn ($2.08bn) in May.

Diar owns 45 percent of the developer’s parent company, Barwa Group, Doha News reported.

Related:

Market Performance

Barwa Real Estate Company
31.7
0.65 2.09 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Forgotten fees: the challenge of investing in Dubai property

Forgotten fees: the challenge of investing in Dubai property

Investors attracted to low service charges at some Dubai residential...

3
Dubai real estate: which way will it go?

Dubai real estate: which way will it go?

In this special report, Arabian Business analyses the state of...

1
Diving for answers: What's happened to Dubai Pearl?

Diving for answers: What's happened to Dubai Pearl?

The mysterious inability of a $6bn mega-project on prime land...

9
Most Discussed
sponsoredTracking