Canada's Brookfield Asset Management Inc will buy the remaining stake in its commercial real estate business for about $6.5 billion, as it looks to rescue the pandemic-hit company that suffered massive declines in its property value.
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DUBAI (Reuters) - Dubai state developer Nakheel is considering the sale of its district cooling assets, three sources familiar with the matter told Reuters, as real estate companies in the United Arab Emirates sell assets amid the coronavirus downturn.
FILE PHOTO: The logo of Nakheel is seen on at the entrance of its office in Dubai, United Arab Emirates July 27, 2017. REUTERS/Alexander Cornwell
Nakheel, the developer of the emirate’s palm-shaped islands, has hired financial advisory Synergy Consulting to manage the process, said two of the sources who declined to be named as the matter was not public.
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DUBAI, March 15 (Reuters) - Dubai state developer Nakheel is considering the sale of its district cooling assets, three sources familiar with the matter told Reuters, as real estate companies in the United Arab Emirates offload non-core activities amid the coronavirus downturn.
Nakheel, the developer of the emirate’s palm-shaped islands, has hired financial advisory Synergy Consulting to manage the process, said two of the sources who declined to be named as the matter was not public.
Nakheel declined to comment and Synergy did not respond to a request for comment.
District cooling firms deliver chilled water through insulated pipes to offices, as well as industrial and residential buildings.
By Reuters Staff
1 Min Read
A car drives past Egyptian developer SODIC headquarters building on the outskirts of Cairo, Egypt, on November 13, 2016. REUTERS/Amr Abdallah Dalsh
CAIRO (Reuters) - Shares in Egyptian real estate company SODIC rose 7% at the market open on Sunday, Refinitiv data showed, following a majority stake offer from Aldar Properties.
The UAE company announced earlier that it submitted an offer for a stake of 51% minimum, with an indicative share price in the range of of 18-19 Egyptian pounds ($1.15-$1.22) per share.
($1 = 15.6200 Egyptian pounds)