Nakheel sells stake in Australian developer Mirvac
Thursday, 27 Aug 2009
Reuters quoted Australian stock exchange as saying that Dubai state owned property developer Nakheel has sold the last of its stake in Australian developer Mirvac Group for AUD 200 million.
It said that Deutsche Securities Australia bought Nakheel's 172 million shares in Mirvac at AUD 1.16 a share.
Nakheel, which faces massive debt repayment at year end, said in 2008 that it had planned to raise its 12.5% stake in Mirvac to just fewer than 20%.
The Weekend Australian cited Mirvac's chief executive as saying that Nakheel had sold its stake in Mirvac.
The subsidiary of state owned conglomerate Dubai World has USD 3.5 billion worth of Islamic bonds maturing on December 14 and little light has been shed on the government's plans for them.
In June, Mirvac Group moved to raise AUD 1.1 billion in equity, announced major asset write downs and cut its earnings guidance as the real estate sector was hit by major refinancing problems.
