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Mon 26 Dec 2011 10:52 AM

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UAE's Aldar Properties board to discuss asset sales

Developer has already sold assets including Ferrari World theme park, Yas Marina F1 circuit

UAE's Aldar Properties board to discuss asset sales
A view of Yas Hotel set in the heart of Yas Marina Circuit. Aldar has already sold assets including its Yas Marina Formula One circuit
UAE's Aldar Properties board to discuss asset sales
UAE's Aldar Properties board to discuss asset sales

Aldar Properties said on Monday its board will meet this week to discuss asset sales as the Abu Dhabi developer, bailed out once by the government in 2011, struggles with a property downturn.

Aldar, part-owned by the government, said the board will meet Wednesday to "consider the sale by the company of certain of its assets," as well as other operational matters.

The developer has already sold assets to the Abu Dhabi government, including its Ferrari World theme park and the Yas Marina Formula One circuit.

Abu Dhabi bailed Aldar out in January with a $5.2bn rescue package in exchange for AED2.8bn ($762m) in convertible bonds to Mubadala and the sale of assets. Mubadala converted a portion of its bonds earlier this month.

In January, Aldar said it would sell assets worth $1.49bn to the government to meet debt obligations.

It did not name any specific assets earmarked for sale but analysts have said these could include properties such as the Yas Hotel and some commercial and retail developments under construction.

Aldar shares were down 1.18 percent on the Abu Dhabi exchange.