Dubai's Emaar Properties sells majority stake in downtown district cooling business for $675mln

Dubai master developer divests 80% shares in Downtown DCP to Abu Dhabi-headquartered Tabreed

  
EMAAR Buildings Images used for illustrative purpose

EMAAR Buildings Images used for illustrative purpose

Gettyimages

Emaar Properties has divested 80 percent of shares in its subsidiary Downtown District Cooling Plant at 2.48 billion dirhams ($675 million) to National Central Cooling Company (Tabreed).

Emaar will retain a 20 percent stake as part of the long-term partnership with Tabreed.

Khaled Abdulla Al Qubaisi, Chairman of Tabreed, said: "This acquisition, in the world’s largest district cooling market, is a further testament to our financial strength and leading market position. We are well placed to take advantage of growth opportunities and expect our enhanced presence within the Dubai market to further enable us to reach our longterm objectives."

The real estate development company decided to divest Downtown DCP assets since they were not related to core operations of the company.

The divestment is expected to increase net assets of the company to 2.3 billion dirhams.

(Reporting by Seban Scaria, editing by Anoop Menon)

(seban.scaria@refinitiv.com)

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