EZW mulling sale of Gazeley

Economic Zones World (EZW), a unit of Dubai World, is considering the sale of its UK-based warehouse property developer Gazeley, as it looks to repay some of its debt of over $2bn (£1.3bn) this year, banking sources said. Gazeley is one of the four businesses held by EZW, which operates technology, logistics and industrial parks as well as Jebel Ali Free Zone (JAFZA) under the Dubai World Group umbrella. A potential sale of Gazeley will help EZW repay a portion of debt maturing at JAFZA, the sources said, speaking on condition of anonymity. JAFZA is aiming to refinance a $2.04bn Islamic bond maturing in November this year. The firm has hired investment bank Rothschild for that process. Dubai World bought Gazeley from Wal-Mart Stores in 2008.