Nakheel buys stake in Australian real estate company

23 December 2007
Dubai-based developer Nakheel has bought a 6.5 per cent stake in Australian real estate group Mirvac.

The move is part of Nakheel’s plans to expand globally. Nakheel’s chief executive officer Chris O’Donnell has said that the company interested in pursuing joint ventures with Mirvac, which controls $26bn of assets including real estate funds and developments. Currently, the vast majority of the Dubai developer’s projects totalling $60bn are in the emirate.

As part of its international expansion plans, Nakheel has merged its hotel business with that of its sister company Istithmar Hotels to form Nakheel Hotels. The new company has assets in the US, Europe and south East Asia. The merger follows that of Nakheel with Istithmar Real Estate.

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