DUBAI, Aug 17 (Reuters) - Dubai district cooling firm
Tabreed has divested its stake in joint venture firm
Qatar Cool via a sale to United Development Company ,
the company said in a statement on Tuesday.
District cooling firms deliver chilled water via insulated
pipes to offices, as well as industrial and residential
Tabreed sold its 44% stake 417 million dirhams ($113.54
million), it said in a regulatory filing published on the Dubai
Tabreed said the assets are in a non-core market for the
company and that "the proceeds will be used to further finance
growth of Tabreed's portfolio in key markets".
They consist of cooling plants and the associated network in
Qatar, which provide chilled water services to residential,
commercial, retail and other real estate assets.
($1 = 3.6728 UAE dirham)
(Reporting by Hadeel Al Sayegh; editing by Jason Neely)