JPMorgan Chase & Co. will probably join Morgan Stanley as global coordinator on the initial public offering of Emaar Properties PJSC’s shopping malls and retail business, three people with knowledge of the matter said.
Emaar Properties PJSC, developer of the world’s tallest tower, hired Morgan Stanley to advise on the sale of a 25 percent stake in its shopping malls and retail business after revenue at the unit surged.
Aleksandar Vucic, the favorite to become Serbian prime minister after elections this month, is campaigning as the candidate who can bring home investment from the United Arab Emirates, including a $4 billion plan to redevelop Belgrade’s waterfront.
Emaar Properties PJSC, builder of the world’s tallest tower, said it expects to raise as much as $2.45 billion in the public offering of a 25 percent stake in its shopping malls and retail business after revenue surged.
Emaar Properties PJSC said the “current environment” makes it a good time for the Dubai property developer to consider spinning off its retail business into a separate company to increase investor returns.