The Investment Corporation of Dubai (ICD) has brokered a deal with Colonial's shareholders to give the sovereign wealth fund a majority stake in the troubled Spanish property company. In a statement sent to the Spanish securities watchdog (CMNV) on Tuesday evening, ICD said that it is acquiring a 50.4% stake in Colonial at EUR 1.19 per share in a deal that will see Colonial hiving off its land and development holdings in a separate company, called Newco. Colonial's existing shareholders will be issued new shares in Newco.
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