Qatar’s Barwa Real Estate is said to raise a $250 mn Islamic syndicated loan with a seven-year maturity, Reuters reported on Wednesday, quoting banking sources.

According to sources, Standard Chartered will take the lead on the syndicated loan, which was launched to refinance existing debt.

Barwa, 45%-owned by Qatari Diar, a subsidiary of Qatar’s sovereign wealth fund, last week reported a 136.2% gain in its third quarter net profit.