LONDON (Reuters) – Dubai World said on Tuesday it had bought Wal-Mart-owned property developer Gazeley Limited, and a source familiar with the matter said the Dubai government investment firm had paid between 300 and 400 million pounds ($588-$784 million).
Dubai World would not comment on the price.
Sultan Ahmed Bin Sulayem, Dubai World’s chairman, said in a statement the acquisition was a milestone in the global expansion of its subsidiary Economics Zones World (EZW).
EZW operates the 48 square kilometer (18.53 sq mile) Jebel Ali Free Zone in Dubai.
Gazeley has built Wal-Mart’s distribution warehouses in Britain and China and is helping the world’s biggest retailer with its expansion into India and Latin America.
Gazeley’s clients include Wal-Mart suppliers such as
Procter & Gamble and Nestle, and third-party logistics firms such as DHL and Kuehne & Nagel International.
Another Dubai World unit Limitless LLC was linked last month to a takeover of London office developer Minerva, while a third, Leisurecorp, said it had agreed to buy the Scottish golf resort of Turnberry.