DUBAI (Reuters) - UAE-based property developer Aldar Properties ALDR.AD will spend at least $1 billion on acquisitions in markets which could include Western Europe, Hong Kong and Singapore to balance risk for its shareholders, the group's CEO said on Monday.
Abu Dhabi's largest developer said it would finance the purchases of property developers, to take place over the next 12 months, through equity and bank financing.
Aldar Chief Executive Ronald Barrott told the Reuters Middle East Investment Summit that the company could make up to two purchases if a first acquisition did not meet its requirements.
Aldar won approval in March to allow foreigners to own up to 40 percent of its shares.
"Aldar will go into one of the more mature markets to balance risk for shareholders," Barrott said.
"They are currently exposed to an emerging market, although an excellent one," he added.
Barrott said the international purchase would widen the pool of potential employees for the company as it expands.
A short list of five companies had been drawn up, Barrott said, but declined to give further details.
He also said the company's founders were not selling their shares and that some were considering increasing their stakes due to Aldar's growth prospects. Continued...
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