Wal-Mart's industrial property developer Gazeley is being sold to Dubai World, the emirate's sovereign wealth fund, in a transaction worth more than £300mln (EUR 376mln), newspaper the Financial Time reported, The paper, without quoting sources, added that the acquisition, made via Dubai World's logistics development unit Jebel Ali Free Zone (Jafza) could be completed as early as next week. A Gazeley spokesperson would not comment on Monday.
Wal-Mart's industrial property developer Gazeley is being sold to Dubai World, the emirate's sovereign wealth fund, in a transaction worth more than £300mln (EUR 376mln), newspaper the Financial Time reported, The paper, without quoting sources, added that the acquisition, made via Dubai World's logistics development unit Jebel Ali Free Zone (Jafza) could be completed as early as next week. A Gazeley spokesperson would not comment on Monday.
Wal-Mart hired UBS to sell Gazeley earlier this year, saying that the warehousing development unit was no longer part of its core retail business. Gazeley, founded in 1997, has developed a total 5 million m2 of warehousing space in Europe.
