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Dubai's Nakheel sells stake in Australia's Mirvac

Dubai's Nakheel sells stake in Australia's Mirvac

Dubai's biggest state-owned property developer says it has sold its stake in Australian real estate company Mirvac Group.
Nakheel said in a regulatory filing posted Wednesday on the Australian Securities Exchange that it agreed to sell its 172 million Mirvac shares to Deutsche Securities for 200 million Australian dollars ($167.5 million).
Nakheel, which made its name building man-made islands off Dubai's coast, is in need of cash after being hurt badly by the global downturn and a property crash in its home market Dubai.
Investors are eager to see how, or whether, the company will be able to repay some $3.5 billion of debt coming due before year's end.


Updated : 2021-04-21 11:15 GMT+08:00