Barwa Real Estate Company Q.S.C. is pleased to announce that on 6 May 2014, it has entered into a share sale and purchase agreement in relation to the sale of the Barwa City project to Labregah Real Estate Company Q.S.C., a wholly-owned subsidiary of Qatari Diar Real Estate Investment Company Q.S.C., for a purchase price of approximately QAR 7.57 billion. Closing of the transaction is subject to customary conditions and the purchase price is subject to customary price adjustment. This transaction has been entered into pursuant to the Framework Agreement between Qatari Diar and Barwa which has been previously announced to the market.
Barwa Real Estate Company QPSC is a Qatar-based public shareholding company, which is engaged in the real estate operations and development. The Company is active in the following business segments: Real Estate, which develops, sells and leases condominiums, villas and plots of lands; Business Services, which provides business support services, as well as Financial Institution and Other Services, which comprises banks, financial and other institutions. Along with its subsidiaries, the Company focuses on the domestic and international real estate development business, investments, hotels ownership, project consulting, advertisement, brokerage services and others. The Company operates through the acquisition, reclamation, development and reselling of lands to establish agricultural, industrial and commercial projects, as well as in the real estate administration inside and outside the State of Qatar.