Dubai-based Nakheel real estate eyes assets in US, UK and Australia

Proceeds of the facility will be used by Nakheel for its general corporate funding needs, Dubai-based property firm's spokesman said

Dubai's leading and innovative real estate developer, Nakheel, said it is unveiling a $1.2 billion syndicated loan. Meanwhile, the real estate firm also eyes assets in the United States, Britain and Australia in the next 12-18 months following property price recession in these places, Company spokesman said.

Nakheel spokesman said: "The size of each tranche will be finalised after syndication, and potential financiers are invited to participate in either tranche or currency. Proceeds of the facility will be used by Nakheel for its general corporate funding needs."

The facility, to ripe on January 2011, comprises a conventional and an Islamic tranche and may be financed via dollars or dirhams, Nakheel real estate spokesman said to Dubai International Financial Exchange, where it has a listed Islamic bond.