ACI Real Estate to acquire UAE-based Define Properties
ACI Real Estate, a German property developer building a number of celebrity-endorsed projects in Dubai, is presently in talks with Define Properties, to acquire the latter.
It may be noted that UAE-based Define, was only established in June last year, just months before the impact of the global credit crunch was felt in the emirate's property market.
terfront development and planned to spend Dh8 billion (US$2.1bn) on a range of residential and commercial projects in the emirate. The spokesman added that the talks revolved around the sale of land at Waterfront and other assets. In addition, Walid Abdel Latif, director of sales and marketing at Define, confirmed the move and said the sale could be finalized within a month.
Earlier, Niki Lauda Twin Towers was launched and marketed by ACI, when Define ran into financial difficulties during its construction. The company has awarded the contract worth Dh305 billion (US$83bn) to Sager Engineering & Contracting Enterprises, which is expected to begin construction soon.
ACI, which was formed in 2004, has 16 projects on its books in Dubai, several of which are under construction.
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