DUBAI: Economic Zones World (EZW), a unit of government-owned conglomerate Dubai World, has sold its British-based logistics firm Gazeley to Brookfield Asset Management, sources said yesterday.
It is the first major sale of a foreign asset by Dubai World as it restructures its debt. The sources, who are familiar with the deal but declined to be named because the matter is not public, did not reveal the price of the transaction.
EZW was not immediately available to comment. Toronto-based Brookfield could not be contacted immediately.
Gazeley is one of four businesses held by EZW, which operates technology, logistics and industrial parks as well as the Jebel Ali Free Zone (JAFZA), a business district, under the Dubai World Group umbrella.
Dubai World bought Gazeley from Wal-Mart Stores in 2008 for an estimated £300 to 400m ($459-611m); because of falls in asset prices since then, the sale to Brookfield may have occurred at a lower price.
Reuters
