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Emaar to keep assets light with less blingMENA

Emaar to keep assets light with less bling

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.

why it matters
Emaar’s million-dollar sale comes after this week’s news that Aldar Properties sold the Abu Dhabi Golf Club Complex for AED 180m. Indeed, this is another case of real estate developers in the UAE making a move towards heavy asset monetization, since the start of the COVID-19 pandemic. These moves indicate that a big shift in the industry may be happening sooner than expected.