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01-07-14

Qatar's Barwa sells 95 percent of its assets to Labregah

(MENAFN) Qatar's Barwa Real Estate Co has sold off up to 95 percent of its stake in Barwa Commercial Avenue in a plan to construct a massive retail development near the Industrial Area, according to Arabian Business. The company's sales to Labregah Real Estate Co, a wholly owned subsidiary of the Qatari Diar Real Estate Investment Co, were estimated at USD2.45 billion. The move is reportedly part of an existing debt payment plan that required Barwa to sell USD5.49 billion worth of assets to the Diar. It has helped expand the government's already extensive influence on the local real estate market in the process.