Dubai World, the state-linked group whose $25 billion of debt brought the emirate to the brink of financial collapse in 2009, has sold one of its UK assets as part of its efforts to repay creditors.A unit of Toronto-based investment company Brookfield Asset Management has bought logistics warehouse developer Gazeley from Dubai World subsidiary Economic Zones World (EZW), the Canadian firm said in a statement on Tuesday.It did not disclose the value of the transaction.The sale is the first major divestments of a foreign asset by Dubai World since it agreed on a debt deal with creditors in 2011. The restructuring agreement promised full repayment to creditors through a series of disposals of overseas assets bought at peak prices in 2006-07.
Brookfield Asset Management Inc. (Brookfield) is a global alternative asset manager. Shares of BAM remained unchanged at $35.66. In the past year, the shares have traded as low as $30.15 and as high as $39.15. On average, 1220470 shares of BAM exchange hands on a given day and today's volume is recorded at 0.
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