Sunday, Apr 18, 2010
ABU DHABI (Zawya Dow Jones)--Aabar Investments, the Abu Dhabi-based investment company that is the largest shareholder in Germany's Daimler AG (DAI), said Sunday it has set up a real estate subsidiary to develop its "extensive" property portfolio.
"Aabar Properties LLC is committed to developing the extensive real estate portfolio invested by Aabar Investments," the company said in a statement sent out during the Cityscape property conference in Abu Dhabi.
Aabar said it will "officially present" the newly-established subsidiary at the real estate meeting.
Aabar, which owns lands and towers in some of Abu Dhabi's new developments, last year said it was evaluating a property investment in Manhattan, New York, covering the development of an 80-floor condominium and five-star hotel complex.
The deal would be its first real-estate investment outside of Abu Dhabi.
Aabar shares closed trading Sunday 2.2% lower at AED2.28 in a broadly negative overall market.
-By Nour Malas, Dow Jones Newswires, +97150 2890223; nour.malas@dowjones.com
Copyright (c) 2010 Dow Jones & Co.
(END) Dow Jones Newswires
18-04-10 1124GMT
