Limitless looks to buy Europe property firms

Limitless, the real estate arm of Dubai World, is looking at buying stakes in property firms across Europe. "We are looking at opportunities in the United Kingdom, Poland, Turkey, Russia and Kazakhstan.

We are considering options of entering these countries and acquisition is also a possibility," a Limitless spokesperson told Emirates Business.

The Daily Telegraph said earlier that Limitless has offered to purchase UK-based real estate company Minerva for £242 million (Dh1.73 billion). The Dubai-based company has submitted a takeover proposal that values Minerva at 140 pence to 150 pence a share, which values Minerva's at £226m to £242m, the newspaper said.

Limitless spokesperson termed it "market speculation", saying: "Talks were at a very preliminary stage."

The company's approach for Minerva follows after Dubai World subsidiary Economic Zones World completed acquisition of Gazeley from Wal-Mart.

Earlier in March, Limitless agreed to buy stakes in three units of Indonesian property firm PT Bakrieland Development Tbk for $110m.

The firm's total development portfolio has touched $100bn.

 

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