Canadian Brookfield buys Dubai World's Gazeley

(MENAFN) Brookfield Asset Management stated that it signed a deal with Dubai World by which the Canadian company bought Dubai World's UK asset Gazeley, reported Arabian Business. The Canadian company added that the deal was aimed at enabling Dubai World to reduce its huge debt deposit of USD25 billion. Dubai World purchased warehouse developer Gazeley from Wal-Mart Stores in 2008 for an estimated USD459 to USD611 million. It is worth noting Dubai World signed a restructuring agreement with its creditors by which it promised full repayment of debts through a number of disposals of overseas assets.