Qatar’s Barwa syndicating $250 million Islamic loan
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.