Dubai plans to take over Colonial
February 1, 2008
The Dubai-based company Investment Corporation Dubai (ICD) plans a take over bid for the Spanish property firm Colonial, according to the company’s website. The bid might be the start of a bid battle for the indebted firm. ICD wants to buy stakes from the Nozaleda family and former chairman Luis Portillo who together own more than 52 per cent of Colonial. Colonial owns various prime assets in Barcelona, Madrid and (via its holding Societe Fonciere Lyonnaise) Paris.
The bid is ICD’s first major move overseas since the company was established in 2006 to invest profits out of Emirates Airlines.
The Investment Corporation Dubai, an $82 billion investment vehicle, is the third biggest state-run investment company of the United Arab Emirates.
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Allen Taylor
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