Delta selling stake in East African JV to World Bank
16 September 2011
Indian casino operator Delta Corp Ltd, through its joint venture company, Delta Corp East Africa Ltd, has entered into a binding sale agreement with International Bank for Reconstruction and Development (World Bank) for the sale of its development in Kenya, the Delta Centre.
Delta said the sale is expected to fetch approximately $22.8 million on terms and conditions mutually agreed to between the parties.
Delta said the property is in the final stage of development and will be handed over to the World Bank upon completion.
Delta's Kenyan joint venture DCEAL had entered the real estate development business in Kenya in early 2008. It currently has developable land admeasuring approximately 1 million square feet at various stages of development.
This transaction establishes DCEAL as one of the leading developers in East Africa, Delta said in a release.
Delta, meanwhile, has mandated Citibank and UBS to get a strategic investor on the company's board, the report said citing unidentified persons aware of the matter.