DUBAI, UAE, 1 September 2021: Dentons said it advised longstanding client, National Central Cooling Company PJSC (Tabreed) on its AED 417 million (USD 113.5 million) disposal of a 44% stake in Qatar District Cooling Company (Qatar Cool) to United Development Company. The proceeds of the transaction will be used to finance further growth of Tabreed’s portfolio in key markets, Dentons said.
Dentons said the transaction follows its role in advising Tabreed on the successful completion of a number of acquisitions in the UAE, including its acquisition of the equity interests of Mubadala Infrastructure Partners in the Maryah Island district cooling facilities in Abu Dhabi; the AED 963 million (USD 262.2 million) purchase of Aldar Properties’ district cooling assets on Abu Dhabi’s Saadiyat Island, which was one of the largest M&A transactions in the UAE and completed earlier this year; and the acquisition of Masdar’s district cooling assets serving Masdar City in Abu Dhabi.
Commenting on the transaction, Dubai partner and team co-lead, Iain Black, said: “We are delighted to have been able to assist our longstanding client, Tabreed on its successful divestment of these assets. We were able to support Tabreed on all aspects of the transaction through our market-leading expertise in our Qatar and UAE offices.”