Limitless bags Asian property units for $110mn

Indonesian property firm, PT Bakrieland Development, said on Tuesday it had agreed to sell stakes in three units to Dubai property company Limitless for $110 million.

Bakrieland said Limitless, a real estate arm of Dubai World, will control around 30% of three Bakrieland units which own properties in prime areas of South Jakarta.

Limitless will pay a total of $33.7 million for 30% stakes in PT Bumi Daya Makmur and PT Superwish Perkasa, Bakrieland said in a statement.

Limitless will also pay $76.3 million for a stake in PT Bakrie Swasakti Utama, which will give the Dubai firm a 30% stake in Bakrie Swasakti, another unit of Bakrieland.

The three subsidiaries had combined assets of 2.98 trillion rupiah ($324.8 million) as of October.

The total price received by Bakrieland was only half of what reports had earlier forecast the firm was targeting. Some newspaper reported last year that the firm was hoping to fetch around $220 million from the sale of its property assets in South Jakarta.

Bakrieland is part of the Bakrie group, which is controlled by the family of Indonesia's chief social welfare minister Aburizal Bakrie. (Reuters)

Print | Email | Discuss this article |

USER COMMENTS (0 COMMENTS)

POST A COMMENT

CLICK HERE TO POST A COMMENT

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.