October 2, 2017 / 5:29 PM / 2 years ago

Emaar's property development business valued at $6.5 bln ahead of Dubai IPO -sources

DUBAI, Oct 2 (Reuters) - The real estate development business of Emaar Properties, which is being listed in Dubai, is expected to be valued at 24 billion dirhams ($6.5 bln), two people familiar with the deal said.

The valuation is based on the assets Emaar plans to inject into the listed vehicle, the sources said. In a bourse filing last week the company listed the assets it plans to transfer to the new vehicle.

They include 49 units in Dubai’s Burj Khalifa, the world’s tallest tower; several mixed-used projects under construction; and joint ventures, according to the exchange filing.

The sources declined to be identified because the details are not public. Emaar was not immediately available for a comment.

Emaar, whose interests span hotels, entertainment and shopping malls, announced in June that it planned to float 30 percent of its real estate development business in Dubai to maximise value for shareholders.

The listing could happen in November, its chairman Mohamed Alabbar told a news channel. It is expected to be the first listing on the Dubai Financial Market in nearly three years.

Bank of America Merrill Lynch, First Abu Dhabi Bank and Goldman Sachs are among banks managing the IPO, sources have told Reuters. ($1 = 3.6726 UAE dirham) (Editing by Susan Fenton)

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