Qatar-based Barwa Real Estate announced it has sold the International conference centre in the 19th arrondissement of Paris to an unnamed 'strategic investor' for EUR 465 mln. The Qatari group bought the centre last April at an auction organised by the government for EUR 404 mln. Barwa said it would invest another EUR 140 mln to refurbish the property and convert it into retail space, a luxury hotel and apartments. The group has made a 13% return on its investment in four months.
Qatar-based Barwa Real Estate announced it has sold the International conference centre in the 19th arrondissement of Paris to an unnamed 'strategic investor' for EUR 465 mln. The Qatari group bought the centre last April at an auction organised by the government for EUR 404 mln. Barwa said it would invest another EUR 140 mln to refurbish the property and convert it into retail space, a luxury hotel and apartments. The group has made a 13% return on its investment in four months.
Qatari state-owned investors have started coming to Europe in search of profitable investment opportunities in which to spend capital from their energy business. Barwa is 45%-owned by the government of Qatar. Last July, Qatari state-owned Delta Two launched a £10.4 bn bid for UK supermarket chain Sainsbury's.
