#Dubai district cooling firm Tabreed divests stake in Qatari joint venture | Reuters

Dubai district cooling firm Tabreed divests stake in Qatari joint venture | Reuters

Dubai district cooling firm Tabreed (TABR.DU) has divested its stake in joint venture firm Qatar Cool via a sale to United Development Company (UDCD.QA) , the company said in a statement on Tuesday.

District cooling firms deliver chilled water via insulated pipes to offices, as well as industrial and residential buildings.

Tabreed sold its 44% stake 417 million dirhams ($113.54 million), it said in a regulatory filing published on the Dubai bourse.

Tabreed said the assets are in a non-core market for the company and that "the proceeds will be used to further finance growth of Tabreed's portfolio in key markets".

They consist of cooling plants and the associated network in Qatar, which provide chilled water services to residential, commercial, retail and other real estate assets.