(MENAFN) UAE's Aabar Investments announced it has acquired a 5.1 percent stake in Palm Hills, Egypt's second-largest listed real estate developer, Arabian Business reported.
Since Palm Hills is valued at approximately USD785 million, it is expected that Aabar made an investment of USD39.40 million to acquire the stake.
Under the agreement Aabar, which is a subsidiary of the United Arab Emirates' sovereign wealth fund and run by the Abu Dhabi government, said that it will have a representative on the board of Palm Hills as well.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.