Barwa real estate announces that it has concluded the sale of two land plots in Mesaimeer area for a total sale price of QAR 5,337,364,135 to the Qatari Company for Land Reclamation and Construction W.L.L. This deal was previously announced to QFMA and the Market on 02 December 2014.
Barwa has completed all legal and regulatory requirements for the sale and transfer of the first plot to the buyer in December of 2014, and the second plot on 15 January 2015. Barwa has received the agreed upon sale price in cash, part of which was used to finance the purchase of the 50% shareholding in Lusail Golf Development Company W.L.L which was announced to QFMA and the Market on 06 January 2015, while the rest of the received amount will be used to finance the current development projects in Barwa.
As a direct result of this transaction, Barwa will record in its financial statements for the year ending 31 December 2014 a sale profit of QAR 2,632 million for the first plot, and a sale profit of QAR 2,701 million in its financial statements for the period ending 31 March 2015 for the second plot. These profits are calculated after deducting the book value of the mentioned lands and other related expenses.