Doha, August 26 (QNA) – Barwa Real Estate, a Qatari joint stock company, has announced the invalidity of news reports circulated vis some media organs recently regarding Barwa’s Inauguration of Park House in London in November. This came in a press release issued on the qatar exchange e-website in which the said company has fully denied its intention to inaugurate such a park house project in the british capital by next November.
Barwa Real Estate Co. announced earlier in 2010 that it will buy Park House development in London’s fashionable West End district for £250 million ($369 million), as Qatari investors continue to snap up prime real estate in the city.
“Qatar has emerged as a new global powerhouse and is expected to be the largest source of cross-border real-estate capital during 2010,” said property adviser Jones Lang LaSalle.
Qatar’s wealth is based on the rapid expansion of its gas industry over the past 10 years and, in response to a windfall of revenue, the government has created a number of major investment vehicles including Qatar Investment Authority, Qatar Holding, Qatari Diar and Barwa, which have been buying up prime London properties and stakes in companies. (QNA)