Bloomberg News

Ezdan Begins Process to Sell Real Estate for $420 Million

January 16, 2012

(Adds stages of sale in second paragraph.)

Jan. 16 (Bloomberg) -- Ezdan Real Estate Co. QSC, the largest real estate company in the Middle East by market value, began the process of selling property worth 1.53 billion riyals ($420 million) to Tadawol Holding Group, according to a statement on the Qatar Exchange.

The sale will take place in two stages with legal measures related to the transaction to be resolved by the end of this month, the developer said in the statement.

The company, which reported a 79 percent rise in net income in the third quarter, is developing two malls and a school in the Persian Gulf emirate to add to its portfolio of 13 buildings and seven compounds, according to the company Website.

Ezdan stock, down 23 percent in the past year, was unchanged at 22 riyals a share on the Qatar Exchange today.

--Editor: Chris Peterson

To contact the reporter on this story: Robert Tuttle in Doha at rtuttle@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus