QATARI DE­VEL­OPER IN QR2.54 BIL­LION LAND DEAL

Qatar's Barwa Real Es­tate says it will sell land worth QR2.54 bil­lion ($697.4 mil­lion) to the gov­ern­ment, mak­ing this the lat­est state as­sis­tance the in­debted de­vel­oper has re­ceived.

Qatar Today - - BUSINESS > REALTY CHECK -

In ex­change for a plot in Lu­sail City, Barwa re­ceived QR1.04 bil­lion ($285 mil­lion) in cash, while the gov­ern­ment also set­tled QR1.5 bil­lion ($411 mil­lion) of the de­vel­oper's bank loans, ac­cord­ing to the bourse fil­ing as re­ported by Reuters. The sale was agreed on Septem­ber 30 and will have a pos­i­tive im­pact on the company's fi­nan­cials, although Barwa did not spec­ify in which quar­ter the deal would be logged. The size of the plot was not dis­closed, the re­port added.

Newspapers in English

Newspapers from Qatar

© PressReader. All rights reserved.