Dubai-based Nakheel, one of the world’s largest real estate developers, has taken 6.51 per cent of the issued securities of Australia's Mirvac Group.

Nakheel is a key player in the transformation of Dubai into a 21st century city, developing an iconic portfolio of innovative landmark projects, including The Palm and The World, across a range of sectors – residential, commercial, retail and leisure.

Chris O’Donnell, Nakheel CEO, said: “An undisputed leader in its field, the Mirvac Group is recognised as a leader in the development and ownership of residential and commercial real estate and is responsible for some of Australia's best residential projects.

“Mirvac, like Nakheel, is committed to the provision of exceptional service, outstanding developments, and sound investment opportunities. We believe there are many potential opportunities for Mirvac and Nakheel to work together. As Nakheel looks to move forward its international mandate, it makes perfect sense to look at the possibility of joint developments with a like-minded company and even though no discussions have taken place with Mirvac management, I believe there are exciting possibilities ahead for both groups. The investment represents a strategic holding and we expect to be a long-term partner.”

Nakheel is a key entity within Dubai World – one of the world’s largest holding companies. Its developments are spread across more than two billion sq ft of land, and its projects are projected to be worth $60 billion. -TradeArabia News Service