KDC Buys KREDCO Real Estate

By John Lee.

The Kurdistan Development Corporation (KDC) has bought the majority shareholding of Erbil-based KREDCO Real Estate Limited Company.

KREDCO has previously been described as a joint venture between the KDC and the Kuwait-based National Real Estate Company (NREC).

According to a disclosure to the Kuwaiti stock exchange, NREC said it sold its 51-percent holding in December for 4,545,000 Kuwaiti Dinars (approximately $15 million).

Law firm Meysan Partners, which advised NREC on the sale, confirmed that the KDC bought the shares.

(Sources: National Real Estate Company, Meysan Partners)

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