Barwa Real Estate is raising $250mn via an Islamic syndicated loan led by Standard Chartered, banking sources said.
The loan, with a seven-year maturity and offering a price in the 250-300 basis point range over the London Interbank Offered Rate, was launched to syndication very recently, they said. The loan will refinance existing debt, one banker said.
Barwa could not be reached for immediate comment. Barwa, 45% owned by Qatari Diar, which in turn is owned by the Qatari Investment Authority, is the largest Qatari real estate company by developments. It had a total asset capitalisation of QR66bn ($18bn) at the end last year, according to its website. The company last week reported a 136.2% rise in third-quarter net profit to QR297.4mn, according to Reuters calculations.
