Aldar Properties to discuss asset sales

Abu Dhabi, December 26, 2011

Aldar Properties  said on Monday its board will meet this week to discuss asset sales as the Abu Dhabi developer, bailed out once by the government in 2011, struggles with a property downturn.

Aldar, part-owned by the government, said the board will meet Wednesday to "consider the sale by the company of certain of its assets," as well as other operational matters.

The developer has already sold assets to the Abu Dhabi government, including its Ferrari World theme park and the Yas Marina Formula One circuit.

Abu Dhabi bailed Aldar out in January with a $5.2 billion rescue package in exchange for 2.8 billion dirhams ($762 million) in convertible bonds to Mubadala and the sale of assets. Mubadala converted a portion of its bonds earlier this month.      

In January, Aldar said it would sell assets worth $1.49 billion to the government to meet debt obligations.

It did not name any specific assets earmarked for sale but analysts have said these could include properties such as the Yas Hotel and some commercial and retail developments under construction.  - Reuters

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