ACI Real Estate, a German property developer building a number of celebrity-endorsed projects in Dubai, is in talks to buy Define Properties.

Define was established in Dubai in June last year, just months before the global credit crunch started to impact on the emirate’s property market.

Having acquired 12 plots of land at Nakheel’s Waterfront development, the company pledged to spend Dh8 billion (US$2.1bn) on a range of residential and commercial projects in the emirate.

'We have entered negotiations for the sale of Define Properties with ACI,' said a spokeswoman for Define, adding that the talks centred on the sale of land at Waterfront and other assets.

The National