Qatar’s Barwa syn­di­cat­ing $250 mil­lion Is­lamic loan

Kuwait Times - - BUSINESS -

Qatar’s Barwa Real Es­tate is rais­ing $250 mil­lion via an Is­lamic syn­di­cated loan led by Stan­dard Char­tered, bank­ing sources said. The loan, with a seven-year ma­tu­rity and of­fer­ing a price in the 250300 ba­sis point range over the Lon­don in­ter­bank of­fered rate, was launched to syn­di­ca­tion very re­cently, they said. The loan will re­fi­nance ex­ist­ing debt, one banker said. Barwa could not be reached for im­me­di­ate com­ment. Barwa, 45 per­cent-owned by Qatari Diar, which in turn is owned by the Qatari In­vest­ment Author­ity, is the largest Qatari real es­tate com­pany by de­vel­op­ments. It had a to­tal as­set cap­i­tal­iza­tion of 66 bil­lion Qatari riyals ($18 bil­lion) at the end last year, ac­cord­ing to its web­site. The com­pany last week re­ported a 136.2 per­cent rise in thirdquar­ter net profit to 297.4 mil­lion riyals, ac­cord­ing to Reuters cal­cu­la­tions. Barwa joins other Qatari real es­tate com­pa­nies Katara Hos­pi­tal­ity, Ez­dan Hold­ing and Al Faisal in rais­ing debt funds in US dol­lars.

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