Mubasher: Barwa Real Estate Company on Tuesday announced that its fully owned subsidiary, BARWA Al-Sadd Company, has signed an agreement to purchase 75% of Millennium Plaza Hotel.

BARWA Al-Sadd will also buy the Wellness Center located at BARWA Al-Sadd Development from Katara Hospitality.

The agreement’s total cost amounted to QAR 501.64 million, according to Barwa’s statement to the Qatar Stock Exchange (QSE).

Under the new contract, Barwa Al Sadd now fully owns the Millennium Plaza Hotel and the Wellness Center, where it has previously purchased a 25% stake in June.

The company targets supporting the operating real estate portfolio of BARWA Real Estate Group in a bid to realise the sustainable growth and enhance the rights of the stakeholders.

By 10:30 am Qatar time, Barwa’s stock rose 0.72% at QAR 35.02.