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Qatar's Barwa Real Estate selling Barwa Bank stake for $656 mln
January 20, 2014 / 11:47 AM / 4 years ago

Qatar's Barwa Real Estate selling Barwa Bank stake for $656 mln

DUBAI, Jan 20 (Reuters) - Qatar’s Barwa Real Estate (BRE) said on Monday it had agreed to sell its 37.34 percent stake in unlisted Barwa Bank for 2.39 billion riyals ($656 million).

The deal, which still requires government approval, is part of an existing agreement with Qatari Diar under which BRE is selling some of its assets to the government-owned property developer to help pay off some of its debt facilities, BRE said in a bourse filing.

The transaction would reflect positively in BRE’s fourth-quarter results for 2013, the statement added. ($1 = 3.6415 Qatar riyals) (Reporting by David French; Editing by Andrew Torchia)

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