QInvest invests in Spanish marina OneOcean Port Vell

18/09/2017 07:18 AST

QInvest, Qatar's leading private investment group and one of the region’s most prominent Islamic financial institutions, has invested in and is a shareholder in OneOcean Port Vell in Barcelona, Spain.

The investment was made through its wholly-owned subsidiary BOH, and was made in conjunction with an investment partner.

Originally built for the 1992 Olympic Games, the marina recently completed its transformation to a 148-berth luxury facility, creating the ultimate destination for yachts up to 190m. QInvest will work with the city and port authorities in Barcelona to increase the profile of the marina by investing additional resources in the port infrastructure, it said without disclosing the quantum of investment and the equity stake.

"Having supported the marina for a number of years, we, alongside our investment partner, are very pleased to be leading the new ownership of One Ocean Port Vell. As one of the most prestigious marinas in the region and situated in one of Europe’s leading cities, we are confident about its prospects for the future,” according to Tamim Hamad al-Kawari, chief executive of QInvest. Terming OneOcean Port Vell as a valuable asset which has "significant" potential for growth, Craig Cowie, QInvest's Head of Real Estate Investment and Advisory, said: "We are committed to working hand-in-hand with the relevant authorities, including the Barcelona Port Authority, the wider local community and all other stakeholders to support its continued development and success."

OneOcean Port Vell is QInvest's second investment in Spain this year, having earlier during 2017 invested into a Spanish real estate strategy focused on land developments in Madrid, Barcelona, Valencia and Marbella. The objective is to acquire well-located residential land parcels across Spain and develop residential for sale apartments for first home owners.

QInvest’s revenues from all business lines were QR209mn, resulting in an operating profit of QR113mn and net profit of QR34.6mn in the first half of this year. The bank’s global assets stood at QR4.7bn at the end of June 30, 2017.

Gulf Times