Mon, 16 Jan 2012 | DIVISION SALE
Warehouse property developer Gazeley could be put on the market as its owner seeks to repay some of its £1.3 billion debts this year. It is believed the investment bank Rothschild has been brought in to assist in the sale process.
Economic Zones World (EZW), a unit of Dubai World, runs technology, logistics and industrial parks, and also the Jebel All Free Zone (JAFZA) under Dubai World Group umbrella. Gazeley is one of four businesses that EZW owns.
Unnamed sources said that a sale of Gazeley would help EZW to repay part of debt maturing at JAFZA. JAFZA is planning to refinance a $2.04 billion Islamic bond maturing in November this year.
Dubai World purchased Gazeley from Wal-Mart Stores in 2008 for an amount in the region of £300 million to £400 million. It is thought that due to the troubled economic climate and a scarcity of buyers the sale may be at a discount.
Two anonymous sources told Reuters, “Gazeley is a mediocre asset. They will be lucky to generate the purchase price on it given the current market conditions.”
Established in 1987, Gazeley has developed over 6.4 million square metres of warehouse and distribution parks across the UK, Europe, China and the Middle East.
Offering marquee hire from small to large this business services mainly the events industry, its own smaller marquee competitors and occasional work directly with individuals. They can support parties and weddings through to corporate dinners, festiv...
LEASEHOLD
This contemporary, stylish 4 star hotel has 24 comfortable and individually-designed ensuite bedrooms, a modern bar and a recently refurbished restaurant with a great vantage point and some of the best seaside views in North Wales.
This is an attractive and strategically well-located hotel in the heart of Porthmadog and a stone’s throw from the junction of the A497.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.