Dubai group sells Mirvac stake

MIRVAC, the property developer, has lost its largest shareholder after Dubai group Nakheel dumped its final holding on the market yesterday in a $206 million deal.

Nakheel emerged as Mirvac's cornerstone investor less than two years ago and steadily built up its stake in the group to 12 per cent. But the group has been gradually selling down its shareholding over the past year, even though it spent $95m to participate in Mirvac's recent $1.1billion equity raising.

It made the surprise decision yesterday to quit the remaining 6.1 per cent of stock on market, prompting speculation a deal was needed to address Nakheel's financing issues in its home market.

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