UPDATE 1-UAE's Tabreed close to buying Emaar Properties' district cooling unit -sources - Reuters:
Dubai-listed National Central Cooling Co (Tabreed) is in advanced talks to buy Emaar Properties’ district cooling business, two sources familiar with the matter said.
District cooling firms deliver chilled water via insulated pipes to cool offices, industrial and residential buildings. The Emaar business was established in 2004 and operates in United Arab Emirates, according to the company’s Linkedin page, which gave no details about its size.
Tabreed, whose biggest shareholders are Abu Dhabi state fund Mubadala Investment Company and France’s Engie SA (ENGIE.PA), has appointed HSBC to advise on the purchase, which is at an advanced stage, said the sources, declining to be named as the matter is not public.
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