UAE's Majid Al Futtaim hires bank to sell district cooling unit

SectorFinancial Services
CountryUnited Arab Emirates

UAE - Mubasher: Dubai's Majid Al Futtaim (MAF) has hired HSBC to sell its district cooling unit, which delivers chilled water via insulated pipes to cool offices and industrial and residential buildings, four sources told Reuters. One of the sources said that Majid Al Futtaim could sell the unit, comprising chillers connected to its hotels and shopping malls, for about AED 500 million ($136.14 million). A second source referred that the Middle East's shopping mall, retail, and leisure pioneer has not determined the assets that could be included in the deal yet, referring that the transaction could be valued at around AED 1 billion. The deal could attract National Central Cooling Co (Tabreed), which previously acquired an 80% stake in Emaar Properties' Downtown Dubai more...