Deals
Aldar to Sell Real Estate, Bonds for $5.2 Billion
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Aldar Properties PJSC, Abu Dhabi’s biggest developer, agreed to sell real-estate assets including a Ferrari theme park and convertible bonds to the government for 19.2 billion dirhams ($5.2 billion) to reduce its debt.
The emirate will pay 10.9 billion dirhams for the theme park, roads and bridges on Yas Island and 5.5 billion dirhams for homes and land, Aldar said in a statement yesterday. Mubadala Development Co., a state-owned investment company, will buy a 2.8 billion-dirham convertible bond from Aldar, according to the statement. Mubadala is Aldar’s biggest shareholder.