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FINANCIAL NEWS
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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