Dubai's Emaar appoints Morgan Stanley as adviser for retail unit IPO

DUBAI, March 18 Tue Mar 18, 2014 9:31am EDT

DUBAI, March 18 (Reuters) - Dubai's Emaar Properties has picked Morgan Stanley to advise it on the listing of a 25 percent stake in its retail and shopping mall unit, a statement from the developer said on Tuesday.

But Emaar has yet to appoint banks to manage the initial public offering, the statement added.

On Saturday, Dubai's largest listed property developer said it would list 25 percent of its subsidiary in a public offer expected to raise between 8 billion and 9 billion dirhams ($2.18 billion to $2.45 billion).

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