Barwa Real estate has concluded on 04/01/2015 the purchase and transfer of the 50% shareholding of the Lusail Golf Development Company through its fully owned subsidiary Barwa International, a Barwa press release said on Monday. Lusail Golf is a Qatari Company with Limited Liability, located in Qatar with a capital of QR 10 million.
With the completion of this transaction, Barwa Group now owns 100% of the shareholding of Lusail Golf, with a 50% shareholding initially owned by Barwa Real Estate, it said.
Barwa Real Estate had previously announced to the Market and QFMA on 06/11/2014 the signing of the relevant SPA for a total purchase value of QR 2,48 billion.
“Lusail Golf transaction is considered to be one of this Barwa’s biggest purchase transactions in 2014. The importance of the transaction comes from the importance of Lusail City itself. This massive developmental project aims to construct a high standard community and create balance between the beauty of architecture and the need of people to live in a descent and inspiring community. The city is now undergoing infrastructure works, being implemented according to the highest standards, best designs and environmentally friendly technologies which comply with the urban plan of Qatar 2030,” the press release said.
The total plot area of Lusail City is 38 square kilometers. Through owning the entire stake in Lusail Golf, Barwa Real Estate will be developing 3.66 million square meters of Lusail City, which is approximately equivalent to 10% of the total city. In addition to the land in the northern area of Fox Hills in Lusail City which Barwa is now using to develop its project.
Lusail Golf transaction is considered to be a valuable addition into Barwa’s distinctive investment portfolio.
Source : Qatar News Agency
