Barwa Real Estate selling project to Qatari Diar for $2.5 bln

DUBAI, June 23 Mon Jun 23, 2014 1:45am EDT

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DUBAI, June 23 (Reuters) - Qatari property developer Barwa Real Estate said on Monday it was selling its 95 percent stake in Barwa Commercial Avenue Co to the property arm of the country's sovereign wealth fund for 9.0 billion riyals ($2.5 billion).

The deal is part of an agreement by Barwa to sell assets worth a total of $7.1 billion to Qatari Diar, which was originally announced in June last year.

The stake will be sold to Labregah Real Estate Co, a wholly owned subsidiary of Qatari Diar, the developer said in a statement on Qatar's bourse. ($1 = 3.6407 Qatar Riyals) (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)

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