Dubai's Nakheel sells Mirvac stake for $171 million

UAE property developer Nakheel, part of the state-owned Dubai World Group, has sold its last 172 million shares, or 6.1 per cent stake, in Australian developer Mirvac Group for A$206 million ($171.7 million), reported the Australian daily.

The trade, carried out by Deutsche Bank, was done at A$1.20, marginally lower than its trading price of A$1.25 to A$1.27 range, said the report.

The developer, well known for Dubai's palm-shaped islands, bought a 6.5 per cent stake in December 2007 and built up its stake in Mirvac to about 12.5 per cent, but had been selling its stake over the last year.

"It means for us, from our point of view, business as usual," Mirvac chief executive Nicholas Collishaw was quoted as saying.

"It has come as a surprise. If there is a range of institutions that have taken over the big line of stock that has gone through, then I think we will end up with a more stable investor base," he added.

Mirvac is a leading integrated real estate group, listed on the Australian Securities Exchange with activities across the investment and development spectrum.