Land swap between Verdun and Raouche
Kuwaiti UREC and IRAD Holding exchange interests in upcoming projects
Lebanese United Real Estate Company (LUREC), a wholly-owned subsidiary of Kuwait’s United Real Estate Company (UREC), has completed a real estate swap deal with Lebanon-based IRAD Investment Holding (owned by the heirs of late Prime Minister Rafiq Hariri and chaired by Mohammed Hariri).
LUREC sold its 45 percent stake in a Verdun real estate project (Verdun 1544 Holding) to IRAD, and acquired IRAD’s 45 percent stake in a project in Raouche.
According to company sources, the swap deal has generated $75 million in profits for LUREC. Raouche Holding is now fully-owned by LUREC, while the Verdun 1544 Holding is fully-owned by IRAD. Raouche Holding owns ‘1090 Residence’, a high-end $50-million residential project.Verdun Holding owns 'Verdun 5', a $75 million large-scale project.
Through its two subsidiaries in Lebanon - LUREC and Dhiyafa Holding -, Kuwait’s UREC also owns an upcoming project in Bhamdoun.
UREC is the Real Estate arm of Kuwait Project Company KIPCO. It has operations in Kuwait, Jordan, Egypt, Lebanon, and Oman. Its total assets stood at $1.84 billion at end-September 2011.
Date Posted: Feb 09, 2012