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Wed 13 Jul 2011 06:01 PM

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Qatari Diar buys luxury marina in northern Spain

State-owned estate investment firm snaps up Port Tarraco Marina, home of mega yachts

Qatari Diar buys luxury marina in northern Spain
Port Tarraco Marina in Tarragona, Spain

Qatari Diar Real Estate Investment Company said on Wednesday it has bought the Port Tarraco Marina in North Eastern Spain through its subsidiary Qatari Diar Marina Tarragona (QDMT).

No value was disclosed for the purchase of the marina.

The high-end Port Tarraco Marina is located in Tarragona, Spain, approximately 95km south of Barcelona, and will be one of the few existing marinas of its kind in the western Mediterranean to offer deep water berthing for super, mega and giga yachts, the company said in a statement.

Mohammed bin Ali AlHedfa, Group CEO of Qatari Diar, said: "We are thrilled to be investing in the western Mediterranean's marina industry, one of the most mature in the world.

"We expect the Port Tarraco Marina to become one of the top year-round marina destinations for yachts in Europe and the Mediterranean."

QDMT is a joint venture between Qatari Diar and MB92, a Barcelona-based operator of marinas, with 95 percent representation by the Qatar firm.

Wholly owned by the Qatar Investment Authority, Qatari Diar was established in December 2005 to support Qatar's growing economy and to co-ordinate the country's real estate development priorities.

It is currently involved in more than 35 projects in over 20 countries around the world.

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