Qatar's Barwa Real Estate (BRE) said on Monday it had agreed to sell its 37.34 percent stake in unlisted Barwa Bank for 2.39 billion riyals ($656 million).

The deal, which still requires government approval, is part of an existing agreement with Qatari Diar under which BRE is selling some of its assets to the government-owned property developer to help pay off some of its debt facilities, BRE said in a bourse filing.

The transaction would reflect positively in BRE's fourth-quarter results for 2013, the statement added. – Reuters