Arcapita, a global alternative investment management firm, announced today that it has sold its 50 percent stake in Lusail Golf Development L.L.C. (“Lusail Golf”), to Barwa Real Estate Company Q.S.C. Lusail Golf owns the development rights to a 3.66 million square meter plot of land north of Doha, Qatar. The total value of the plot is approximately $1.4 billion.
The plot owned by Lusail Golf is located in Lusail City, a master-planned development covering an area of 21 square kilometers. Lusail City, one of the GCC region’s most high profile real estate developments, is sponsored by Qatari Diar Real Estate Investment Company. Upon completion, the development is expected to include residential and commercial developments as well as districts focused on education, media, energy and entertainment.
Mr. Atif A. Abdulmalik, Chief Executive Officer of Arcapita, said, “Arcapita has an established track record of master-planning and developing large-scale golf residential communities having made successful investments in leading projects in Dubai and Bahrain. Pursuing investment opportunities in real estate markets across the GCC region continues to be a key part of our global investment strategy.”
Hisham A. Al Raee, Arcapita’s Chief Operating Officer, added, “The Arcapita team developed the master plan and design concepts for one of the largest single plots in Lusail City. During the holding period, the team focused on attracting development partners and optimizing land utilization. We are pleased that our investment in Qatar has resulted in a profitable outcome for our investors.”