Abu Dhabi Commercial Bank (ADCB) has signed an agreement to divest an 80 percent stake in its wholly-owned property management subsidiary Abu Dhabi Commercial Properties (ADCP) to Nine Yards Plus Holding (Nine Yards Plus), a real estate subsidiary of Ethmar International Holding (EIH).
The transaction values Abu Dhabi Commercial Properties at $161 million and the Bank will register a gain of approximately $133 million subject to closing conditions before the end of December 2023. The sale of the majority stake, while unlocking significant value for…
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