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NATIONAL CENTRAL COOLING COMPANY PJSC

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Dubai's Nakheel eyes district cooling assets sale -sources

03/15/2021 | 02:17am EDT

DUBAI, March 15 (Reuters) - Dubai state developer Nakheel is considering the sale of its district cooling assets, three sources familiar with the matter told Reuters, as real estate companies in the United Arab Emirates sell assets amid the coronavirus downturn.

Nakheel, the developer of the emirate's palm-shaped islands, has hired financial advisory Synergy Consulting to manage the process, said two of the sources who declined to be named as the matter was not public.

Nakheel declined to comment and Synergy did not respond to a request for comment.

Dubai-listed National Central Cooling Co (Tabreed) and Emirates Central Cooling Systems Corp (Empower) have expressed interest in Nakheel's deal, the sources said.

Tabreed said in a statement, that as a listed company it cannot comment on market rumours or speculation. Empower did not immediately respond to requests for comment.

One of the sources said the deal, which could be valued at around one billion dirhams ($272 million), is structured as a 30-year concession agreement.

District cooling firms deliver chilled water through insulated pipes to offices, as well as to industrial and residential buildings.

Nakheel's district cooling assets include 20 units around Dubai with a total capacity of 100,000 to 120,000 tonnes of refrigeration.

Separately, Dubai is considering selling a stake in the cooling system operations at Dubai International Airport and has hired Standard Chartered to arrange the process, sources familiar with the matter told Reuters in November.

Nakheel, which was forced into a massive debt restructuring following Dubai's 2009-2010 real estate crash, last year slashed salaries by as much as 50%.

Dubai's real estate sector, sluggish for most of the past decade, has suffered during the pandemic, which led many foreign workers to leave and worsened oversupply.

Emaar Properties, Dubai's largest developer, sold a stake in its downtown cooling business last year for $675 million, while Abu Dhabi's Aldar Properties agreed to sell two district cooling assets in December.

($1 = 3.6728 UAE dirham) (Reporting by Davide Barbuscia and Hadeel Al Sayegh; editing by Ramakrishnan M. and Jason Neely)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALDAR PROPERTIES PJSC 1.02% 3.97 End-of-day quote.26.03%
EMAAR PROPERTIES PJSC 1.79% 3.98 End-of-day quote.12.75%
EURO / DIRHAM (EUR/AED) -0.02% 4.3585 Delayed Quote.-2.68%
NATIONAL CENTRAL COOLING COMPANY PJSC -1.78% 2.76 End-of-day quote.6.47%
STANDARD CHARTERED PLC -1.10% 432 Delayed Quote.-7.28%
US DOLLAR / DIRHAM (USD/AED) 0.00% 3.6728 Delayed Quote.0.00%
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Financials
Sales 2021 1 968 M 536 M 536 M
Net income 2021 607 M 165 M 165 M
Net Debt 2021 5 077 M 1 382 M 1 382 M
P/E ratio 2021 12,6x
Yield 2021 3,54%
Capitalization 7 656 M 2 084 M 2 084 M
EV / Sales 2021 6,47x
EV / Sales 2022 5,77x
Nbr of Employees -
Free-Float 23,4%
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Adel Salem Al-Wahedi Chief Financial Officer
Khaled Abdulla Juma Al-Qubaisi Chairman
Saeed Al Maeeni Vice President-Information Technology
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