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Qatar : Barwa Commercial Avenue SPA a QFMA Announcement.

Following receipt of the non-objection of the Qatar Financial Markets Authority on the transaction, Barwa Real Estate Company Q.S.C. is pleased to announce that on 14 July 2014, it has closed the sale of all the shares it owns in the share capital of Barwa Commercial Avenue Company LLC (equal to 95% of the share capital) to Labregah Real Estate Company Q.S.C., a wholly-owned subsidiary of Qatari Diar Real Estate Investment Company Q.S.C., pursuant to a share sale and purchase agreement entered into between Barwa Real Estate and Labregah on 22 June 2014 and disclosed to the Qatar Financial Markets Authority and the market on 23 June 2014, for a purchase price of Qatari Riyal nine billion, twenty million eight hundred seven thousand four hundred and nine (QAR 9,020,807,409), which will be subject to a 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 on 6 June 2013 and 17 November 2013. With the closing of the Barwa Commercial Avenue transaction, Barwa Real Estate has now transferred to Labregah Real Estate approximately Qatari Riyal 19 billion worth of assets under the Framework Agreement leaving approximately 15% of asset value that remains to be transferred under the Framework Agreement. Barwa and Qatari Diar have agreed to extend the long stop date under the Framework Agreement to transfer these remaining assets to 31 December 2014.

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Publication:Mena Report
Date:Jul 18, 2014
Words:262
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