Aldar to sell real estate assets to government
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Aldar to sell real estate assets to government

Aldar to sell real estate assets to government

Abu Dhabi developer Aldar Properties has agreed to sell real-estate assets including a Ferrari theme park and convertible bonds to the government for Dhs19.2bn ($5.2bn) to reduce its debt, Bloomberg has reported. The emirate will pay Dhs10.9bn for the theme park, roads and bridges on Yas Island and Dhs5.5bn for homes and land, Aldar said in a statement. State-owned investment firm, Mubadala Development will buy a Dhs2.8bn convertible bond from the developer, Aldar said. The new bond will be converted at Dhs2.3 a share and will mature in December, chief financial officer Shafqat Ali Malik told the news service.

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