Abu Dhabi’s biggest developer, Aldar Properties, is selling real-estate assets and convertible bonds to the government for $5.2 billion to cut its debt, Financial Times reports. Aldar, which will sell assets worth $1.49 billion to the government, will also raise $2.97 billion through sales and reimbursements for some of its assets, including its Ferrari World theme park.
Aldar, part-owned by the government, is also seeking approval to sell a $760 million convertible bond to state-owned fund, Mubadala Development. Aldar has $8.248 billion of outstanding debt, including $4.573 billion due in 2011, adds Bloomberg.
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