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DIC will not sell any European assets
ABU DHABI — Dubai International Capital LLC will not sell any European assets before the end of 2011, its chief investment officer said on Monday, as it waits for their value to rise.
“It’s fair to say that our expectation is that our companies will continue, appreciate in value, over the next several years, so why sell now?” Chief Investment Officer David Smoot said on the sidelines of an Abu Dhabi conference on private equity.
The private equity arm of Dubai Holding is undergoing a debt restructuring. He added that even 2011 would be too early to sell any European assets: “Now is not the right time,” he said.
DIC’s assets include UK hotel chain Travelodge, Doncasters and European aluminium maker Almatis Holdings BV. “We see 2011 as a time when we will return to growth,” Smoot said.
Meanwhile, Bloomberg newswire quoted him as saying that Dubai International Capital LLC plans to restructure its business by the end of the year. “Our goal is to be out of the restructuring business by the end of the year and back into the growth phase,” Smoot said. — haseeb@khaleejtimes.com
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