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Kuwait Real Estate Company (AQARAT) announces the completion of purchasing assets of a deal worth US $ 17 million

Kuwait Real Estate Company announces the completion of purchasing assets of a deal worth US $ 17 million which acquired 51% of IFA Hotels and Resorts - Lebanon valued at US $ 11.2 million, also owns the proportion of 5.8% of YOTEL Investment Company Limited - worth US $ 5.8 million from a related party.


This settlement will lead to increase the share of Kuwait Real Estate Company in IFA Hotels and Resorts - Lebanon from 49% to 100% and will consolidate IFA Hotels and Resorts - Lebanon, as a fully owned subsidiary of Kuwait Real Estate at the end of fiscal year 2016.