State-owned investment firm Dubai World is acquiring UK-based Gazeley, a Wal-Mart warehouse developer unit for companies such as Procter & Gamble and DHL.
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Dubai World, which manages more than US$100bn in assets, is seeking a three-year loan of US$125bn with the help of Citigroup and Deutsche Bank to complete its first foreign acquisition. According to sources, the deal is worth more than GBP300m (US$598m).
Dubai World chairman Sultan Ahmed Bin Sulayem said that the deal is an important milestone in the global expansion plans for its subsidiary Economics Zones World (EZW).
EZW group chief executive officer Salma Hareb added that the acquisition will extend its 48 square kilometre Jebel Ali Free Zone in Dubai by more than 25,000 hectares.
Gazeley’s presence in the UK, Europe and China will complement Dubai World’s operations in the Middle East and India, Ports and Free Zones.
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By GlobalData
