Thursday, Nov 26, 2009

Firesale of UK Property Assets

FT Alphaville: Sterling, Dubai: a liquidation love story

International property advisers are bracing for a potential slew of instructions to revalue and sell trophy assets owned by Dubai World and its many property-owning units as the emirate struggles to shrink its $59 billion debt pile.
“We do expect the Dubai government to step up efforts to raise capital via real estate sales, and sales of their UK assets in particular,”

Posted by ontheotherhand @ 03:56 PM (1364 views)
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11 Comments

1. tpbeta said...

“We do expect the Dubai government to step up efforts to raise capital via real estate sales, and sales of their UK assets in particular,” James Lewis, a member of the Gulf capital markets team at property consultant Knight Frank told Reuters. "

"Well heeeelloooo" as Leslie Philips would say.

Thursday, November 26, 2009 05:17PM Report Comment
 

2. little professor said...

These guys were the kings of hubris - borrowed on a spectacular level to fund such willy-wacing projects as the Burj skyscraper (tallest in the world) and the frankly silly Palm Jumeriah, a series of man-made islands in the shape of a palm tree, with luxury homes all kitted out with Armani homeware.

In the local paper today there was even a story about a local beach reopening, after an extensive luxury refurbishment including imported super-fine sand. Yep, that old adage about selling sand to the arabs actually took place. These idiots deserve to go down, hard.


Thursday, November 26, 2009 05:57PM Report Comment
 

3. shining wit said...

Not entirely sure what a 2-3 metre rise in sea levels is going to do to these pathetic "islands".

Thursday, November 26, 2009 06:16PM Report Comment
 

4. tpbeta said...

Be interesting to see what this potential default does to HSBC. They're into Dubai bigtime.

Thursday, November 26, 2009 06:17PM Report Comment
 

5. rumble said...

LP, "super-fine sand" - isn't that dust?

TP, interesting, they weren't the biggest losers today - in the pipeline?

These guys are cowboys. Take a look at this: Dubai is nuts!

Thursday, November 26, 2009 06:38PM Report Comment
 

6. icarus said...

LP - you forgot to mention the undersand cooling system so people's pinkies don't fry as they walk from their beach umbrellas to the sea. (Not sure why anyone would want to do that thougfh, since the sea is full of sh!t - sewage systems couldn't keep up with the crazy pace of development.)

Thursday, November 26, 2009 07:45PM Report Comment
 

7. icarus said...

"sewerage".

Thursday, November 26, 2009 07:48PM Report Comment
 

8. little professor said...

Wow, I hadn't heard of that one, icarus:

THE Versace fashion house is to create the first refrigerated beach so that hotel guests can walk comfortably across the sand on scorching days.

The beach will be next to the Palazzo Versace hotel being built in Dubai, where summer temperatures average 40C and can reach 50C.

The beach will have a network of pipes beneath the sand containing a coolant that will absorb heat from the surface.

The swimming pool will be refrigerated and there are also proposals to install giant blowers to waft a gentle breeze over the beach.

"We will suck the heat out of the sand to keep it cool enough to lie on," he said.

"This is the kind of luxury that top people want."

Thursday, November 26, 2009 09:08PM Report Comment
 

9. krustyatemyhamster said...

Cooled beaches, chav footballers, stiff breeze, sewerage floating past you in the sea; They're trying to recreate Blackpool.

Thursday, November 26, 2009 09:42PM Report Comment
 

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