29 Dec 2011
(MENAFN) Aldar Properties said that the firm sold some of its assets to the Abu Dhabi government for a total of USD4.5 billion, reported Emirates 24/7.
The firm added that the transaction consisted of unit sales, asset transfers and reimbursement with the government, including the purchase of 760 three, four and five bedroom units within the Al Bandar, Al Zeina and Al Muneera developments in Al Raha Beach for USD952 million.
It also said that revenue from the sale of residential units in Al Raha Beach would be recognized on practical completion and handover over the coming year, adding that liabilities would decline with the slash of USD1.36 billion of the government’s infrastructure loan.
It is worth noting that corresponding to the earlier agreements with the Government of Abu Dhabi concerning Yas Island; the government consented to repay the company USD1.36 billion towards certain existing and to be completed infrastructure assets at Al Raha Beach.
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