UAE's Aabar buys 5.1 pct stake in Egyptian developer Palm Hills

Sunday 09-11-2014 11:52 AM
UAE's Aabar buys 5.1 pct stake in Egyptian developer Palm Hills

A view of luxurious houses at the gated-community city of Palm Hills, 20 km (13 miles) west of Cairo, Egypt June 26, 2008. REUTERS/Asmaa Waguih/Files

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CAIRO, Nov 9 (Reuters) - Aabar Investments has acquired a 5.1 percent stake in Egypt's second-largest listed real estate developer Palm Hills, Palm Hills said in a statement on Sunday.

Palm Hills is valued on the Egyptian Stock Exchange at approximately 5.6 billion Egyptian pounds ($785 million), putting the value of the investment at around 285 million Egyptian pounds, according to Reuters calculations.

Aabar, a subsidiary of the United Arab Emirates' sovereign wealth fund and run by the Abu Dhabi government, will have a representative on the board, the statement said.

(1 US dollar = 7.1500 Egyptian pound) (Reporting By Shadi Bushra; editing by Keiron Henderson)

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