Wednesday, December 05, 2007

Property: Dubai World set to sell off overseas property

Dubai World, the investment holding firm of the Dubai government, plans to sell some of its properties in London and New York next year and redeploy some of that capital to real estate in Asia.

The Gulf Times reports the group, which has about $20bn in real estate assets around the world outside of Dubai, wants to rebalance its portfolio to better weather the global effects of the US subprime crisis, a top executive siad yesterday.

Dubai World, which has a multibillion global portfolio that ranges from British port operator P&O to New York luxury retailer Barneys, owns office buildings such as 280 Park Avenue in New York and London’s One Trafalgar Square.

Full article: Dubai World to sell US, UK property, eyes Asia (Gulf Times)