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.