A subsidiary of Dubai World has bought shed developer Gazeley for more than £300m, as tipped by Property Week (06.06.08)
The investment arm of the Dubai government has bought the developer from Wal-Mart as it provides a ‘strategic fit’ with its expanding global business.
Gazeley chief executive Pat McGillycuddy will report directly to Economic Zones World, which is the branch of Dubai World buying Gazeley.
EZW was set up in January 2007 to expand Dubai World’s global reach and is an operator and developer of economic zones across the world, including the Jebel Ali Free Zone of logistics facilities next to Jebel Ali Port in Dubai.
Sultan Ahmed Bin Sulayem, chairman of Dubai World, said it was a milestone for the company.
Salma Ali Saif Bin Hareb, chief executive officer of Economic Zones World, said: ‘Our capability as a developer and operator of economic zones fits naturally with Gazeley’s experience in developing distribution facilities and together we believe we can offer our customers a higher quality of service globally.’
The transaction is subject to the receipt of European regulatory approval and is expected to complete during July. EZW was advised by a team led by Deutsche Bank and including CB Richard Ellis, Linklaters, KPMG, Pinsent Masons and WSP. UBS was financial adviser to Wal-Mart.