Dubai firm to buy into 3 units of Indonesian developer
Posted by luxuryasiahome on March 12, 2008
Dubai World will buy 30 per cent stakes in three units of PT Bakrieland Development, Indonesia’s biggest property developer by value, as the Gulf sheikdom’s investment holdings expand in Asia.
Limitless LLC, Dubai World’s property arm, agreed to pay US$110 million for the stakes in PT Bakrie Swasakti Utama, PT Bumi Daya Makmur and PT Superwish Perkasa, Bakrieland said in a statement published in the Bisnis Indonesia newspaper.
Limitless will pay cash and convert some debt into shares, Bakrieland said.
Limitless is expanding in South-east Asia’s largest economy, which the government forecasts may grow 6.4 per cent this year. The Dubai developer will work with Bakrieland on the Indonesian company’s Rasuna Episentrum, a residential and office complex in central Jakarta that Limitless can help market to overseas investors.
Limitless will pay US$76.3 million for a 30 per cent stake in Bakrie Swasakti, including US$46 million of debt that will be converted into an 18 per cent stake. Bumi Daya’s stake will be sold at US$14.3 million and Superwish’s at US$19.4 million. Bakrieland plans to seek shareholder approval for the sales on April 9. — Bloomberg
Source : Business Times – 12 Mar 2008
