Doha-based property developer Barwa Real Estate Company (Barwa) has submitted its official offer to acquire Doha-based Qatar Real Estate Investment Company (Alaqaria).
Shareholders of Barwa and Alaqaria will be given the opportunity to vote on the proposed transaction in separate extraordinary general meetings (EGMs). The EGMs for both companies will take place in Doha on 30 March.
If ratified, the deal, which was proposed on 10 January, will result in Barwa acquiring 100 per cent of Alaqaria. The transaction will be funded by Doha-based Qatari Diar Real Estate Investment Company, the largest shareholder in Barwa and Alaqaria (MEED 4:3:10).
The transaction will create a Qatari property company with operations across the entire real estate value chain. This includes industrial housing, residential communities, commercial complexes, international mixed-use developments, project finance, project management, facilities management and utility services.
Qatari Diar will maintain a 45 per cent share in the enlarged Barwa company through a contribution of land in the Lusail area, set to become an education and medical district.
The two companies say no changes to the management of Barwa or Alaqaria are planned as part of the proposed transaction.