Sunday, Sep 30, 2012
DUBAI (Zawya Dow Jones)--Eshraq Properties (ESHRAQ.AD), the Abu Dhabi-based developer, said Sunday it has bought a hotel from Emaar Properties as part of its strategy to acquire real estate projects in the U.A.E.
The company was in a deal with Emaar to acquire the Nuran Marina Hotel Apartments in the Dubai Marina area, Eshraq said in a statement posted on the Abu Dhabi bourse website. It didn't provide any other transaction details.
Eshraq said there will be other acquisitions it expects to announce in the coming period.
Eshraq shares closed 3.2% higher at AED0.32 Thursday, while Emaar was flat at AED3.48.
-Write to Nikhil Lohade at nikhil.lohade@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
30-09-12 0517GMT
