Dubai's real estate developer acquires stake in Australian company
Tuesday, 25 December 2007
ABU DHABI, Dec 24 (Xinhua): The Dubai-based real estate developer Nakheel has entered an agreement to acquire 6.51 per cent stake in Australian property company Mirvac Group, local newspaper Khaleej Times reported yesterday.
The move is part of overseas expansion plans of Nakheel, which currently has 30 billion US dollars worth of major projects under development.
"We believe there are many potential opportunities for Mirvac and Nakheel to work together," Nakheel's CEO Chris O'Donnell was quoted as saying.
Nakheel did not reveal how much it paid for the stake, which was worth about 347 million dollars at the closing price of Mirvac 's shares Friday.
As a developer, fund manager and manager of properties, Mirvac is developing residential properties in Australia and manages hotels in Australia, New Zealand and on Pacific islands.
Nakheel is a subsidiary of Dubai World, a holding company created and wholly owned by Dubai government.
Its major portfolio includes the Palm Trilogy, three man- made palm tree shaped islands on the coast of Dubai, Dubai Waterfront and the World Islands, a man- made archipelago of 300 islands in the shape of a world map.
According to the company's website, Nakheel's developments will add more than 1,000 km of beachfront to the Dubai coastline, and all its projects spread across more than two billion square feet (185.8 million square meters).
The move is part of overseas expansion plans of Nakheel, which currently has 30 billion US dollars worth of major projects under development.
"We believe there are many potential opportunities for Mirvac and Nakheel to work together," Nakheel's CEO Chris O'Donnell was quoted as saying.
Nakheel did not reveal how much it paid for the stake, which was worth about 347 million dollars at the closing price of Mirvac 's shares Friday.
As a developer, fund manager and manager of properties, Mirvac is developing residential properties in Australia and manages hotels in Australia, New Zealand and on Pacific islands.
Nakheel is a subsidiary of Dubai World, a holding company created and wholly owned by Dubai government.
Its major portfolio includes the Palm Trilogy, three man- made palm tree shaped islands on the coast of Dubai, Dubai Waterfront and the World Islands, a man- made archipelago of 300 islands in the shape of a world map.
According to the company's website, Nakheel's developments will add more than 1,000 km of beachfront to the Dubai coastline, and all its projects spread across more than two billion square feet (185.8 million square meters).