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Deyaar sells stake in Turkish JV

Company to reinvest proceeds to fund opportunities in Dubai market

NEWS, Business, Deyaar Developments, Dubai, Real estate

Dubai-based developer Deyaar has announced that it has sold its 50% share of a Turkish joint venture, Alarko Deyaar Gayrimenkul Gelistirme, to joint venture partner Alsim Alarko, which is a subsidiary of developer Alarko Holding.

The company did not divulge the amount that was paid for its stake, but it had been listed as part of the assets available for sale in its most recent financial accounts for the nine months to September 30.

The total value of the assets it has available for sale were listed as being worth $133m when the company filed its most recent accounts for the nine months to September 30.

Deyaar said its decision to sell was part of a strategic move to shift its focus towards projects in Dubai.

However, CEO Saeed Al Qatami added that it would "continue to evaluate opportunities in new markets that have the potential to add value to our existing investment portfolio”.

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Construction Week - Issue 754
Nov 23, 2019