Meydan on Thursday signed a memorandum of understanding under which it sold three commercial buildings located in Meydan Metropolis Phase 1 to Emirates NBD, reported Gulf News. The announcement came a day after a detailed debt restructuring plan was presented by Dubai World’s representatives to creditors. Emirates NBD and Abu Dhabi Commercial Bank are the biggest creditors to the conglomerate among local lenders, owed roughly estimated 15 billion.
Emirates NBD said that the three buildings, situated in Meydan’s business park zone, will be used for corporate staffing, as the projects is expected to be completed by the end of 2011. Pricing details of the deal are not announced, but it  has been established that the total gross floor area on sale stands at an estimated 350,000 square feet, excluding parking. The new state-of-the-art business centre can house up to 2,500 people. Meydan Metropolis is targeted at being the premier business district for the world’s leading companies.
According rough estimate of the current market price for office space, which ranges between AED 1500 and AED 2500 per. sq.ft., the deal could be evaluated well over few hundred millions dirhams.

