Wal-Mart Stores Inc. agreed to sell its Gazeley warehouse property development business to Dubai World, a government owned investment fund, for an undisclosed sum.
The sale to Dubai World’s Economics Zones World division is expected to be completed by the end of July.Gazeley develops distribution centers in Europe, China, India and Mexico.
“This sale will enable us to focus more on our retail operations,” said Michael Duke, vice chairman of Wal-Mart. “Since the development of distribution warehousing for third-parties is not a core business for us, Gazeley will be able to better serve its customers as part of an organization such as EZW, which is committed to providing the necessary resources and investment for further expansion.”
For complete coverage, see Wednesday’s issue of WWD.