Deyaar Development, Dubai's second-largest publicly traded property developer, has sold more than Dh2.2 billion (US$598.9 million) worth of property and land as it switches focus from developer to landlord. Deyaar sold the property to an unnamed "related party".
Financial statements show that Deyaar entered into an agreement to sell Dh1.33bn of property held for future development and land stakes worth Dh899.58 million as of December 30.
The previously undisclosed sale boosted revenuefor the year but still left the company with a Dh2.3bn loss after a major write-down of the value of its assets.
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