Dubai-listed Shuaa Capital has sold a plot of land in Business Bay to developer Danube Properties for AED 190 million ($51.7 million).

This transaction is part of the investment bank and asset manager’s strategy to consolidate its asset portfolio, the company said in a bourse filing today.

Shuaa said Danube Properties is to develop a residential tower with “affordable, high quality” properties on the site, having launched six projects, worth AED 3.42 billion from January 2022 to January 2023.

“The sale of this premium plot to Danube Properties reflects SHUAA Capital’s strategic commitment to leverage favourable market dynamics,” the statement said.

The development follows Danube’s development Bayz, also located in Business Bay, completed in December 2021.

(Editing by Imogen Lillywhite; imogen.lillywhite@lseg.com; editing by Seban Scaria)