JAKARTA, (Reuters) – Indonesian property firm, PT Bakrieland Development, said on Tuesday it had agreed to sell stakes in three units to Dubai property company Limitless for $110 million.
Bakrieland said Limitless, a real estate arm of Dubai World, will control around 30 percent of three Bakrieland units which own properties in prime areas of South Jakarta.
Limitless will pay a total of $33.7 million for 30 percent stakes in PT Bumi Daya Makmur and PT Superwish Perkasa, Bakrieland said in a statement.
Limitless will also pay $76.3 million for a stake in PT Bakrie Swasakti Utama, which will give the Dubai firm a 30 percent stake in Bakrie Swasakti, another unit of Bakrieland.
The three subsidiaries had combined assets of 2.98 trillion rupiah ($324.8 million) as of October.
The total price received by Bakrieland was only half of what reports had earlier forecast the firm was targeting. Some newspaper reported last year that the firm was hoping to fetch around $220 million from the sale of its property assets in South Jakarta.
Bakrieland is part of the Bakrie group, which is controlled by the family of Indonesia’s chief social welfare minister Aburizal Bakrie.
Dubai World is the builder of three islands shaped as palm trees with hotels and villas of the coast of Dubai.