Qatar’s Masraf Al Rayan Sells RE Firm Stake To Government Fund
The Qatari lender said it agreed to sell its 50% stake in Seef Lusail Real Estate Development.
Masraf Al Rayan, Qatar’s largest Islamic bank by market value, said Sunday it had agreed to sell its 50% stake in Seef Lusail Real Estate Development Co to the RE (real estate) arm of the Gulf state’s sovereign wealth fund.
The bank, which did not disclose the sale price in its statement, had owned the company equally with Qatari Diar Infrastructure Company.
Under the agreement, it will divest a 49% stake to its joint venture partner, with the remaining 1% sold to Qatari Diar Real Estate Investment Company. Both are units of Qatari Diar, owned by the Qatar Investment Authority.
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