Qatar-based developer and investor Barwa Real Estate has acquired Park House development in London from the U.K.'s landlord and developer Land Securities Group for almost $370 million - Dow Jones is reporting.
Park House, at 453/497 Oxford Street, is a development of 330,000 square feet comprising 163,000 square feet of offices, 88,000 square feet of retail space and 70,000 square feet of residential accommodation. The acquisition is the first major wholly owned investment made by Barwa in the U.K.
Barwa will pay almost $333 million immediately and around $37 million on practical completion. It will meet all of the construction costs and pay Land Securities a share of the profit within 12 months of practical completion which is estimated at around $49 million.
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The full Dow Jones story follows
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