Nakheel increases stake in Australian partner

Dubai-developer Nakheel has doubled its stake in Australian real estate company Mirvac to 12.5 per cent.

In December 2007, Nakheel announced it had acquired a stake in the company, which is listed on the Australian Stock Exchange.

Nakheel is looking at developing real estate projects in Australia as part of its international expansion. The company plans to form a joint venture with Mirvac and Leighton Properties in their bid for the Bangeroo project in East Darling Harbour, Sydney.

Nakheel recently announced two schemes in its home market of Dubai. The first is the redevelopment of the emirates' first container port, Port Rashid. The second is the construction of an archipelago of reclaimed islands in the shape of the solar system.