Mubasher: Barwa Al Sadd Co, a wholly-owned subsidiary of Barwa Real Estate Company (BRES), has signed a contract to purchase a 25% stake in Millennium Plaza Hotel and the Wellness Center at a value of QAR 167.21 million ($46 million).

This deal will support the Barwa Group’s real estate portfolio and shareholders’ rights, according to a statement to the Qatar Stock Exchange (QSE) on Thursday.

“It is worth mentioning that there is no conflict of interests between the parties related to this transaction,” the statement added.

Barwa last reported that its profits went down 18.6% to QAR 405 million during the first three months of 2018, from QAR 479 million in the year-ago period.

By 11:25 am Qatar time, Barwa’s stock rose 0.85% to QAR 34.11.