Font Size

- Aa +

Wed 7 May 2014 12:04 PM

Font Size

- Aa +

Barwa Real Estate to sell project to Qatari Diar for $2bn

Deal is part of a wider agreement by Barwa to sell assets worth $7.1bn

Barwa Real Estate to sell project to Qatari Diar for $2bn

Qatar's struggling property developer Barwa Real Estate said on Wednesday that it was selling Barwa City project to the property arm of the country's sovereign wealth for QAR7.57bn ($2.08bn).

The deal is part of an agreement by Barwa to sell assets worth a $7.1bn to Qatari Diar, which was announced in June last year.

Barwa City project would be sold to Labregah Real Estate Company, a wholly-owned subsidiary of Qatari Diar, the developer said in a statement on Qatar's bourse.

The Doha-based developer reported a 67.3 percent rise in first-quarter net profit earlier this month.

Profit for the three months to March 31 was QAR265.1m, up from QAR158.5m in the corresponding period of 2013.

The company did not provide any reason for the profit increase or state its quarterly revenue.

For all the latest real estate 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.