Monday, 16 August 2010 at 12:00, Reuters, Dubai
Dubai's Emaar Properties incurred a loss of Dh38.5m ($10.48 million) from the sale of part of the operations of its Hamptons International subsidiary to UK estate agency Countrywide.
The builder of the world's tallest tower in Dubai sold the UK, Europe and Asia operations for Dh428.1m ($116.5m), it said in its financial statement posted on Dubai's bourse website.
Emaar announced the sale in June and said it would continue to operate Hamptons in the Middle East and North Africa (Mena).
Emaar also said in the statement it sold one of its commercial buildings for Dh331m to an undisclosed buyer in the second quarter.
Sources close to the deal said the building was Number 5 and the principal tenant is HSBC, a local daily reported late on Sunday.
Emaar made a second-quarter net profit of Dh802m.
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