DIC will not sell European assets before 2011

Dubai International Capital has said that it is not the right time to sell its European assets and that it won’t sell anything before 2011. DIC is undergoing a debt restructuring at the moment. Its assets include UK hotel chain Travelodge and Doncasters.

(Reuters) – Dubai International Capital LLC will not sell any European assets before the end of 2011, its chief investment officer said on Monday.

The private equity arm of the investment vehicle owned by the ruler of Dubai is undergoing a debt restructuring.

“It’s fair to say that our expectation is that our companies will continue, appreciate in value, over the next several years, so why sell now?” David Smoot said on the sidelines of Abu Dhabi conference on private equity.

He added that even 2011 would be too early to sell any European assets: “Now is not the right time,” he said.

DIC’s assets include UK hotel chain Travelodge and Doncasters.