Qatar-listed real estate developer United Development Company (UDC) has finalised the sale of The Pearl office building ‘Tower 2’ to an undisclosed buyer for QR1.25 billion ($343 million), it said on Wednesday.
The tower is one of two commercial towers located at the entrance to The Pearl island, Doha, within the Abraj Quartier precinct, UDC said in a statement on its website.
It declined to reveal the name of the buyer, but said it was a “strategic property investor”.
The towers are the tallest buildings on The Pearl, with each standing at 201 metres tall and with 42 floors. Each one has a leasable area of 54,000 square metres and overlooks Doha’s West Bay and the rest of The Pearl island.
UDC President and CEO Ibrahim Al Othman said: “Completing the sale of The Pearl Tower 2 is a significant accomplishment that adds value to UDC’s deliverables in 2016.
“The sale also proves UDC is capable of delivering on its promise to achieve the best returns to its valued shareholders through a commitment to the development of integrated real estate products that meet the growing demand for smart residential and commercial products.
“In this spirit, The Pearl Towers are expected to positively impact the business dynamics in the vital West Bay area with the looming move-in of office tenants in 2017.”
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