"Qatari developer Barwa Real Estate plans to sell assets worth 26 billion riyals ($7.1 billion) to the property arm of the country's sovereign wealth fund to reduce debt, the company said on Thursday.
Among the assets being sold to Qatari Diar, which owns 45 percent of Barwa, will be the Barwa Commercial Avenue, Barwa Al Sadd and Barwa City projects, along with parts of the company's investment portfolio, it said.
"The sale proceeds will be directed towards extinguishing the company's debts, reducing financing costs and improving the company's financial position," Barwa said in a statement on the Qatar bourse's website."
'via Blog this'
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