Istithmar World confirms acquisition of remaining stake of Atlantis, The Palm Dubai

27 April 2012 Mon Apr 30, 2012 3:03am EDT

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27 April 2012(Reuters) -

Istithmar World confirms acquisition of remaining stake of Atlantis, The Palm Dubai

Istithmar World PJSC ('Istithmar World'), a subsidiary of Dubai World, has today confirmed the completion of the purchase of Kerzner International Holdings Limited's ('KIHL') 50% interest in Atlantis, The Palm in Dubai ('The Atlantis'; 'The Resort') for $250 million, thus becoming the sole owner. Atlantis The Palm, Dubai's megaresort flagship has 1,537 rooms, a world class waterpark and 18 restaurants. The Resort has played an integral role in establishing Dubai as a world class tourist destination. Istithmar World and KIHL jointly developed the Resort which opened in 2008. Kerzner is, and will continue to be, the operator of Atlantis, The Palm. H.H. Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Dubai World, said: "The performance of The Atlantis continues to exceed our expectations. This deal, allowing us to become the sole owner of Atlantis, The Palm Dubai, effectively consolidates our investment in one of our best performing assets, and one of Dubai's landmark properties. This acquisition is in line with our strategy of managing our assets for value and investing selectively where growth opportunities exist." Istithmar was advised on the transaction by Moelis & Company, which acted as financial advisor, and New York law firm Wachtell, Lipton, Rosen & Katz. For further information, please contact: John Hobday FTI Consulting +971 (0)50 4648 706 john.hobday@fticonsulting.com

(Reporting By Ashok Narayanaswamy)

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