Dubai’s Deyaar eyes assets in Turkey, India

by Daliah Merzaban Thursday, 22 January 2009

Deyaar Real Estate has set up a division to acquire distressed assets in countries such as Turkey and India with the aim of expanding its land bank, its chief executive said in remarks published on Thursday.

"The new department will look at buying distressed assets across the globe with India and Turkey being likely markets," Emirates Business quoted Markus Giebel as saying.

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"We intend to add land bank to our portfolio through this acquisition drive."
Giebel could not immediately be reached to confirm the remarks.

Giebel told reporters on Wednesday the Dubai real estate company had put all of its unsold projects on hold due to global financial turmoil, but still expected to post record profits in the fourth quarter.

According to Emirates Business, Giebel added that the firm had secured financing for all of its existing local projects and may look to raise funds for overseas expansion.

It could look at project financing, debt instruments or joint ventures, he said. (Reuters)



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