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Emaar suffers $10.4m loss from sale of Hamptons subsidiary

17 Aug 2010

(MENAFN) A financial statement issued by Dubai’s Emaar Properties, said that the builder suffered a loss of $10.4 million from the sale of part of the operations of its Hamptons International subsidiary to UK estate agency Countrywide, Reuters reported.

The statement said that Emaar sold the UK, Europe and Asia operations for $116.55 million. The builder of the world’s tallest tower in Dubai announced the sale in June and said it would continue to operate Hamptons in the Middle East and North Africa (MENA).

According to the statement, Emaar sold one of its commercial buildings for $90.11 million to an undisclosed buyer in the second quarter.

Sources close to the deal said the building was Number 5 and the principal tenant is HSBC.

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