Istithmar World becomes sole owner of Atlantis, The Palm Dubai
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Istithmar World PJSC ‘Istithmar World’, a subsidiary of Dubai World, confirmed the completion of the purchase of Kerzner International Holdings Limited’s ‘KIHL’ 50% interest in Atlantis, The Palm in Dubai ‘The Atlantis’; ‘The Resort’ for US$250 million, thus becoming the sole owner.
Atlantis The Palm, Dubai’s megaresort flagship has 1,537 rooms, a water park and 18 restaurants.
Istithmar World and KIHL jointly developed the Resort which opened in 2008. Kerzner is, and will continue to be, the operator of Atlantis, The Palm.
HH Sheikh Ahmed Bin Saeed Al Maktoum, chairman of Dubai World, said: “This deal, allowing us to become the sole owner of Atlantis, The Palm Dubai, effectively consolidates our investment in one of our best performing assets, and one of Dubai’s landmark properties. This acquisition is in line with our strategy of managing our assets for value and investing selectively where growth opportunities exist.”
Istithmar was advised on the transaction by Moelis & Company, which acted as financial advisor, and New York law firm Wachtell, Lipton, Rosen & Katz.