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Tue 5 Aug 2014 06:28 PM

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Damac buys Dubailand plot for $513m

Dubai developer confirms acquisition of 55m sqft in stalled development that had been planned to include theme parks

Damac buys Dubailand plot for $513m
CONSTRUCTION CONTRACT: Dubais Damac Properties has awarded the main construction contract for the first phase of New Cairos Park Avenue project. (Getty Images)

Dubai real estate developer Damac has bought 55 million square feet of land in Dubailand for $513 million, the company said in a statement to the London Stock Exchange.

The acquisition would be financed with some of the $650 million raised in a sukuk during the second quarter this year.

Dubailand was a major development east of the Dubai city owned by Dubai Properties Group that was intended to include theme parks and residential areas. It stalled during the financial crisis.

“The land bank is over 30 percent larger than Damac's current AKOYA master planned development of 42,000,000 sq ft and the acquisition is in line with the Company's long term strategy of replenishing its land bank with land in prime Dubai locations to ensure a consistent pipeline of future sales inventory,” the company said in the bourse statement.

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