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Kuwaits National Real Estate Company (NREC) has signed a preliminary agreement to sell Dasman Complex amid a restructure to "significantly" reduce its debt.
Located in Kuwait City, the $81m (KWD24.7m) building will be sold as part of the two-year restructuring plan announced earlier this year by the developer that manages a $2bn (KWD606m) portfolio across the Middle East and North Africa.
The sale of Dasman Complex will be finalised in the coming months, NREC said in a statement.
READ: Construction Weeks Top 50 GCC Developers 2018: Kuwait
“The sale of assets will help us increase our cash position and, in turn, grab new revenue-generating opportunities in Kuwait and the region,” the realty business said.
Two of the development opportunities noted by NREC were Reem Mall in Abu Dhabi and the Grand Heights residential development in Egypt.
The company added it could sell off more real estate assets in the future to continue slimming down its debt and maintain a healthy cash position, so it can continue to develop new real estate. However, it said any such move would only be done to make it a more competitive player in the Middle East.
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