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Barwa signs $1.47bn land sale deal

Two plots have been sold to a Qatari firm that is not a subsidiary of any listed company

NEWS, Business, Barwa, Land, Sale

Qatar's Barwa Real Estate has signed a deal to sell two plots of land for a combined 5.34bn riyals ($1.47bn) to an unidentified buyer, the company said on Tuesday.

Barwa will deliver the first plot of land, which it is selling for 2.63bn riyals, by the end of 2014, it said in a statement on Qatar's stock exchange. The second plot, worth 2.7bn riyals, will be delivered to the buyer in the first quarter of 2015.

"This transaction aims at increasing the available liquidity with Barwa to cover its financial obligations, and allows Barwa to consider venturing in new projects and investments," the company said in the statement.

It said the buyer was a Qatari firm that was not a subsidiary of any listed company, but did not provide further details.

Qatar's government owns a 45% stake in Barwa, according to Reuters data. In October, the developer said it would sell land worth 2.54bn riyals ($697.4mn) to the government.

Qatari Diar, the real estate arm of Qatar's sovereign wealth fund, stepped in with financial aid last year, agreeing to buy some of Barwa's assets for $7.1bn. In June this year, Barwa said it was selling a 95% stake in Barwa Commercial Avenue Co to Qatari Diar for 9bn riyals. 

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