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GARAGE TARGETED: An attempted burglary at a garage on Rowan Avenue in was thwarted when those responsible were disturbed, police have said. At about 10.30pm on Saturday, November 23, someone managed to force open the garage door, but they fled after being disturbed. Anyone with information is asked to contact Shildon Police on 101. www.vincentgallo.com/star.php?id=263 Dubai: Damac Real Estate Development, a Dubai-based property developer, is cutting the size of its initial public offering (IPO) and will likely price at the bottom of the range, two people with knowledge of the matter said.The offering in London is expected to raise $400 million, down from an earlier target of $500 million, with the global depositary receipts likely priced at the bottom of the $12.25 to $17.25 range, the people said, asking not to be identified because the pricing isn t public. The closing of the IPO has also been postponed until December 2, according to the people.Al Firdous Holding and Sahira, controlled by Damac Properties Development founder Hussain Sajwani, are planning to sell as much as 18.8 per cent of the new real estate company. The company had said the IPO would price on Tuesday.The offering, the first for a Dubai-based developer since the sheikhdom s real estate market crashed in 2008, is set to test the appetite of global investors for the city s recovering property market. Damac was valued by analysts at $3.9 billion to $5.4 billion, three people briefed on the process said on Nov. 4. The company said the valuation range would be between $2.7 billion and $3.7 billion."It was expensive to us even at the lower end of the range," Ali Taqi, a portfolio manager at A/T Capital Management in Dubai who manages $170 million, said yesterday in a phone interview. "We couldn t justify the valuation."Hollywood-themedDamac has started projects including Hollywood-themed apartment towers and a Trump International golf course in 2013. Damac has assets valued at $2.3 billion and reported first-half profit of $332 million, up from $212.1 million for the whole of 2012, according to a filing on November 4. Gross profit margins averaged 44 per cent in the three years through 2012 and 64 per cent in the first half of this year, according to the filing.Citigroup and Deutsche Bank, along with Samba Capital and Investment Management and VTB Capital, are managing the IPO. Damac s price-to-book value is more expensive than that of Dubai s biggest developer, Emaar Properties, even though Emaar is deemed less risky.
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