Dubai’s Nakheel sells its stake in Australia’s Mirvac

It was put forward by the Australian stock exchange on Wednesday that last of Dubai state-owned property developer Nakheel's stake in Australian developer Mirvac Group has been sold for A$200 million dollars ($167.6 million).

A regulatory filing by the exchange specified that Nakheel's 172 million shares in Mirvac were bought by Deutsche Securities Australia, at A$1.16 a share.

Last year, it was revealed by Nakheel (which has an enormous debt repayment at year-end) that it has mulled to raise its 12.5 percent stake in Mirvac to almost 20 percent.

It should be noted that a sum of $3.5 billion worth of Islamic bonds is held by the subsidiary of state-owned conglomerate Dubai World, which will mature on 14th December. No information was given regarding the government's plans for them.

Back in the month of June, a sum of A$1.1 billion was raised by Mirvac Group in equity; and it declared major asset writedowns, along with scrapping its earnings guidance as the real estate sector was hit by major refinancing problems.
 

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