Dubai's Nakheel sells stake in Australia's Mirvac

Dubai state-owned property developer Nakheel has sold the last of its stake in Australian developer Mirvac Group (MGR.AX) for A$200 million dollars ($167.6 million), the Australian stock exchange said on Wednesday.

Deutsche Securities Australia bought Nakheel's 172 million shares in Mirvac at A$1.16 a share, it said in a regulatory filing.

Nakheel, which faces massive debt repayment at year-end, told Reuters last year that it had planned to raise its 12.5 percent stake in Mirvac to just under 20 percent.

Background of Nakheel + Australia:
http://rupertbumfrey.blogspot.com/2009/08/dubai-group-sells-mirvac-stake.html
http://rupertbumfrey.blogspot.com/2009/04/nakheel-has-no-plans-to-lower-its-stake.html
http://rupertbumfrey.blogspot.com/2009/04/dubai-developer-abandons-bid-for-sydney.html