Mon, 16 Jan 2012 | DIVISION SALE
Warehouse property developer Gazeley could be put on the market as its owner seeks to repay some of its £1.3 billion debts this year. It is believed the investment bank Rothschild has been brought in to assist in the sale process.
Economic Zones World (EZW), a unit of Dubai World, runs technology, logistics and industrial parks, and also the Jebel All Free Zone (JAFZA) under Dubai World Group umbrella. Gazeley is one of four businesses that EZW owns.
Unnamed sources said that a sale of Gazeley would help EZW to repay part of debt maturing at JAFZA. JAFZA is planning to refinance a $2.04 billion Islamic bond maturing in November this year.
Dubai World purchased Gazeley from Wal-Mart Stores in 2008 for an amount in the region of £300 million to £400 million. It is thought that due to the troubled economic climate and a scarcity of buyers the sale may be at a discount.
Two anonymous sources told Reuters, “Gazeley is a mediocre asset. They will be lucky to generate the purchase price on it given the current market conditions.”
Established in 1987, Gazeley has developed over 6.4 million square metres of warehouse and distribution parks across the UK, Europe, China and the Middle East.
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