Dubai – Mubasher: Abraaj Group is reportedly discussing the sale of a majority stake in its fund management unit to Colony NorthStar, a US-based REITS.
These talks are merely preliminary and will not, necessarily, result in a sale, informed sources told Bloomberg.
The deal may attract the attention of other investors, the sources added.
“Abraaj is considering the sale of the stake to raise cash amid heightened regulatory scrutiny and the departure of key executives, people with knowledge of the plans said in March,” Bloomberg revealed.
The Dubai-based firm and Colony NorthStar rejected to give any comments on the matter.
