Majid Al Futtaim’s district cooling unit is up for grabs according to a report from Reuters, which has cited four sources with knowledge of the matter. The Dubai-based company develops shopping malls and retail experiences across the region, and operates the Middle East franchise of Carrefour.
According to the Reuters report, the company has appointed HSBC to tender the deal.
The developer is said to have sounded out potential investors over the summer, said the sources, adding that it had yet to finalise which assets would be included. The deal is likely to be worth around $272m, the sources said.
The sale is expected to attract the attention of UAE district cooling firm Tabreed. Earlier this year, the firm bought an 80% stake in Emaar Properties’ Downtown Dubai district cooling business for $675m, the report from Reuters stated.