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AIM to take over Fairmont The Palm Hotel: Arzan Financial Group’s subsidiary ArzanInvestment Management (AIM) entered a binding agreement with Boursa Kuwait-listed IFA Hotels and Resorts to acquire Fairmont The Palm Hotel in Dubai for USD 325 mn, according to a press release. The transaction is subject to customary conditions and is expected to wrap up within months.
What’s next? AIM plans to capitalize on this investment to launch its GCC Hospitality Fund soon which will focus on the company’s integrated hospitality operations and institutional investment approach.
Remember: AIM acquired the Voco Bonnington Dubai hotel in 4Q 2024 and appointed UnitedHospitality Management as its franchise operator.
Meanwhile, IFA Hotels and Resorts will focus on other UAE projects, as it signed a AED 279.5 mn contract with UK-based Innovo Build Group in September to construct the Dorchester Collection’s Orla Infinity project in Dubai’s Palm Jumeirah.
About Arzan Investment Management: It is an alternative investment manager that invests in, develops, manages, and provides capital solutions for real estate and credit transactions.
IN OTHER M&A NEWS-
Taqa eyes stake in Germany's Uniper Energy: Abu Dhabi National Energy Company (Taqa) is reportedly among those interested in acquiring a stake in Uniper Energy, Germany's largest buyer of Russian gas, Bloomberg reports, citing unnamed sources familiar with the matter. Norwegian Equinor ASA is also in the running, with other potential bidders possibly emerging and could partner to split Uniper’s diverse assets, which include power plants across Europe and hydroelectric and nuclear assets in Sweden.
IN CONTEXT- The German government, which owns over 99% of Uniper valued at EUR 10 bn or more, is working with UBS Group AG and Roland Berger to reduce its stake to 25% + 1 share by the end of 2028, following its bailout agreement after the 2022 energy crisis. While a capital markets sale is the main option, Germany is also considering selling to a single buyer, a stock offering, or a re-IPO.
Uniper trades on the Frankfurt stock exchange with a market value of EUR 18 bn, though any sale may occur at a discount due to limited liquidity. Goldman Sachs is reportedly advising Uniper’s management board.
