
It looks like someone is Marie Kondo-ing their asset list!
The UAE’s biggest listed real estate developer, Emaar, sold their Address Sky View hotel for around USD 204m – a decision that is in line with their “assets light strategy.” The transaction represents 1.4% of the company’s net assets. Through the sale, the developer got rid of 100% of its shares in its subsidiary ASV Group Limited.
Emaar sold five hotel properties last year, including the flagships Address Dubai Mall and Address Boulevard to Abu Dhabi National Hotels.