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Mon 23 Jun 2014 11:35 AM

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Qatari Diar pays $2.5bn for 95% stake in Barwa project

Part of an agreement by Barwa to sell assets worth a total of $7.1bn to property arm of Gulf state's sovereign wealth fund

Qatari Diar pays $2.5bn for 95% stake in Barwa project

Qatari property developer Barwa Real Estate said on Monday it was selling its 95 percent stake in Barwa Commercial Avenue Co to the property arm of the country's sovereign wealth fund for QR9bn ($2.5bn).

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

The stake will be sold to Labregah Real Estate Co, a wholly owned subsidiary of Qatari Diar, the developer said in a statement on Qatar's bourse.

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