Synergy is honored to support Nakheel as lead Sell Side Advisor in divesting its portfolio of district cooling assets across 17 developments to Empower. On 18th August 2021, both Parties have executed the Share Purchase Agreement along with the Concession Agreement for the cooling services.
The divested portfolio consists of a mix of under construction and operational assets serving landmark developments such as Nakheel Mall, Jumeirah Islands, The Gardens, Dragon Marts etc.
The assets would be providing cooling services to a unique combination of retail, hospitality, and residential developments across Dubai.
In addition to being one of the largest M&A deal in the MENA District Cooling sector, the transaction sets a new benchmark owing to its unique structure. As part of the acquisition, the Buyer (Empower) is sharing the occupancy risk of the developments with the Seller (Nakheel) and the tariff structure does not consider availability-based payments.