Dubai state-owned property developer Nakheel has sold the last of its stake in Australian developer Mirvac Group for A$200 million dollars ($167.6 million), the Australian stock exchange said on Wednesday.

Deutsche Securities Australia bought Nakheel's 172 million shares in Mirvac at A$1.16 a share, it said in a regulatory filing.

Nakheel, which faces massive debt repayment at year-end, told Reuters last year that it had planned to raise its 12.5 per cent stake in Mirvac to just under 20 per cent.

The Weekend Australian on Saturday cited Mirvac's chief executive as saying Nakheel had sold its stake in Mirvac.

The subsidiary of state-owned conglomerate Dubai World has $3.5 billion worth of Islamic bonds maturing on Dec. 14 and little light has been shed on the government's plans for them.

In June, Mirvac Group moved to raise A$1.1 billion in equity, announced major asset writedowns and cut its earnings guidance as the real estate sector was hit by major refinancing problems. – Reuters