By Claire Ferris-Lay
Qatar’s second largest developer said to be considering Panceltica Holdings takeover.
Barwa Real Estate Co, Qatar’s second largest property developer, is considering a takeover of British holding company, Panceltica Holdings, it was reported on Monday.
According to Al Sharq the acquisition of the firm is one of three options being considered by Barwa. Other options include investing in Panceltica Holdings or acquiring management of the company without investing.
On June 18, Barwa said it had given a revolving credit facility to a company controlled by Barry Tannenbaum, who is being investigated for running a $1.8bn Ponzi scheme.
The real estate firm told the Doha bourse that the loan facility was terminated after the company, Frankel Enterprises, was hurt by the financial crisis and that it had taken steps to recover the “amounts provided for these transactions.”For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.