Jebel Ali Free Zone FZE, a business park operator in Dubai, hired Citigroup Inc. (C) to find a buyer for its U.K warehouse unit Gazeley Ltd. as it seeks to raise cash to pay a bond, according to a person familiar with the deal.
Citigroup will explore all options for Gazeley, a developer of logistics warehouses that the Dubai-based company acquired from Wal-Mart Stores Inc. (WMT) in 2008, the person said, declining to be identified because the information is private. Reuters reported the news earlier today.
A spokesman for Dubai World, Jebel Ali Free Zone’s parent, and a spokesman for Citigroup in Dubai declined to comment. They couldn’t be identified because of company policy.
Gazeley operates in the U.K., Europe, the Middle East and China, develops warehouses and distribution buildings, as well as has access to a land bank, according to its website.
Jebel Ali Free Zone has a 7.5 billion-dirham ($2 billion) Islamic bond maturing in November, according to data compiled by Bloomberg.
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