LONDON-Barwa Real Estate QSC, based in Qatar, has purchased thesite of the proposed 310,000-square-foot Park House develpoment at453 Oxford St. here for $370 million. Construction started in Mayon the speculative retail, office and residential project, and itis expected to be complete by November 2012.

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Barwa is paying the cost for the site, all construction fees anda profit share on completion, the share estimated to be about $48.7million and capped at $73.8 million. Locally-based Land Securities,the seller, will act as development manager for the project. CBRichard Ellis advised the buyer in the transaction.

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Robert Noel, managing director of Land Securities, said the saleenables the company to realize a majority of profit ahead ofschedule, with significantly reduced risk and no capital employed."We will recycle the capital to invest into our growing speculativedevelopment pipeline targeting the further return opportunitiesoffered to our shareholders through early delivery into a forecastsupply-constrained market."

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