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Dubai’s Istithmar sells stake in S.African project

13 Dec 2010

(MENAFN) Top officials at Istithmar World, the investment arm of indebted conglomerate Dubai World, announced that it has signed a deal to sell it’s 37.5 percent stake in South Africa’s Victoria and Alfred Waterfront real estate development, for more than $1.5 billion, Arabian Business reported.

The mentioned stakes have been sold to a consortium of South African firms comprising South African property firm Growthpoint, banking conglomerate Absa and the state-owned Public Investment Corporation, officials said.

State-backed Istithmar, which purchased the stake four years ago as part of a $1 billion joint deal with UK-based London and Regional Properties, is understood to have accepted a mix of cash and shares for its stake whereas its partner accepted cash.

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