"Dubai World’s plan to sell a U.K. warehouse developer owned by a subsidiary will do little to help the Middle East company’s attempt to raise about $15 billion to fund debt repayments.
Dubai World unit Economic Zones World FZE yesterday announced the sale of EZW Gazeley Ltd. to Toronto-based Brookfield Property Partners LP (BPY-U) and some institutions. Terms of the transaction weren’t disclosed. A person briefed on the situation said in April that the business was valued at about 300 million pounds ($465 million).
The proceeds of the sale will be used to pre-pay a portion of an Islamic loan, the company said. Dubai World, one of the emirate’s three main state-owned holding companies, will seek to push ahead with its own asset sales over the next two years as it needs to repay $4.4 billion dollars to creditors in 2015 and another $10.3 billion by 2018."
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