Abu Dhabi's two major property developers Aldar Properties and Sorouh Real Estate said they have started talks on a possible merger which could create a new entity with Dh13.61 billion in assets based on the net value of their combined assets as of December 31, 2011.
"In line with this decision, a team will be set up to study the move and to look at the legal and commercial aspect of the merger, prior to making recommendations to their respective boards," Aldar said in a regulatory filing with the Abu Dhabi Exchange, where both companies' shares are listed.
The study will take three months and will be conducted in coordination with relevant government bodies. "The Abu Dhabi government is continuing to rationalise its projects and implement major restructuring plans in some of its most important entities, making it more responsive to market conditions," Jones Lang LaSalle, the global real estate consultancy, said recently.
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