Nakheel sells stake in Mirvac for A$200m

Dubai, Aug 27, 2009 (WAM) - Dubai-based property developer Nakheel has sold the last of its stake in Australian developer Mirvac Group for A$200 million (Dh610m), the Australian stock exchange said yesterday. Deutsche Securities Australia bought Nakheel's 172 million shares in Mirvac at A$1.16 a share, it said in a regulatory filing according to a report published in "Emirates Business 24|7".
Nakheel said last year it had planned to raise its 12.5 per cent stake in Mirvac to under 20 per cent. The ‘Weekend Australian’ on Saturday cited Mirvac's chief executive as saying Nakheel had sold its stake in the company. The subsidiary of state-owned conglomerate Dubai World has A$3.5 billion (Dh12.85bn) worth of Islamic bonds maturing on December 14. In June, Mirvac Group moved to raise A$1.1bn in equity. –