Qatar's Masraf Al Rayan says sells real estate firm stake to govt fund

DUBAI, July 13 Sun Jul 13, 2014 8:23am EDT

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DUBAI, July 13 (Reuters) - Masraf Al Rayan, Qatar's largest Islamic bank by market value, said on Sunday it had agreed to sell its 50 percent stake in Seef Lusail Real Estate Development Co to the real estate arm of the Gulf state's sovereign wealth fund.

The bank, which did not disclose the sale price in its statement, had previously owned the company equally with Qatari Diar Infrastructure Company.

Under the agreement, it will divest a 49 percent stake to its joint venture partner, with the remaining 1 percent sold to Qatari Diar Real Estate Investment Company. Both are units of Qatari Diar, owned by the Qatar Investment Authority. (Reporting by David French; Editing by Olzhas Auyezov)