DUBAI Aug 23 Qatar's property investment arm
Qatari Diar is close to launching syndication of a 1.7-billion-
euro ($2.5 billion) loan to finance the Gulf state's
acquisition of French engineering company Cegelec, a magazine
Qatar National Bank QNBK.QA is underwriting the loan,
London-based Middle East Economic Digest (MEED) reported on
Friday. Qatari Diar is owned by the country's sovereign wealth
fund, Qatar Investment Authority (QIA), and a partner.
"The new Qatari debt is associated with the acquisition of
French engineering firm Cegelec in July by the QIA," MEED
reported, citing bankers that it did not name.
Qatari Diar March said in March it was raising $2.5 billion
in an 3.5-year syndicated Islamic loan to finance the purchase
of the Chelsea Barracks in London.
That loan was downsized to $1.36 billion after spending
longer than anticipated in syndication, MEED said.
The new loan will target European banks and be priced in
euros, a source said, according to MEED.
(Reporting by Daliah Merzaban; Editing by Ben Tan)