Business & Finance Club Magazine - Real Estate Sector - Doha: Barwa Real Estate Company (Barwa) announced that it has acquired the Park House development on London's Oxford Street from Land Securities for a consideration of approximately 250m UK pound, a statement posted on Qatar Exchange Thursday said.

In addition a profit share will be paid by Barwa within 12 months of practical completion. Based on current expectations as to office and retail rental values, this profit share is estimated will be around 33m UK pound and is capped at 50m UK pound.

The development, comprising a total of 330,000 sq ft, which has full planning permission, includes 163,000 sq ft for offices, 88,000 sq ft of retail space and 70,000 sq ft of residential accommodation. It is anticipated that the development will be completed by November 2012.

Land Securities will supervise the construction of the development, the building costs of which will be met by Barwa.

The acquisition is the first major wholly-owned investment made by Barwa in the UK. The purchase fits both with Barwa's strategy to invest in leading edge international commercial property and its confidence in the long term growth potential of central London.

"We are delighted to have acquired a major site in central London which is set to become an important feature in one of the busiest and most successful locations in the UK capital. The investment demonstrates our commitment to Europe as part of our growth strategy and signals our interest in strengthening our portfolio interests in London," Chairman and Managing Director of Barwa Ghanim Al Saad commented.

Barwa is a Qatar-based real estate company engaged in the acquisition, reclamation, development and reselling of lands to establish agricultural, industrial and commercial projects.

The Company with its subsidiaries focuses on the domestic and international real estate development business, investments, hotels ownership and management, financial services, consulting, advertisement, brokerage service and others. The Company builds commercial buildings, residential areas, hotels, market complexes, business centers and showrooms.