Dubai’s Emaar has picked Emirates NBD to advise it on the sale of fashion e-commerce business Namshi, sources said.

Emaar Malls, the retail arm of Dubai’s biggest developer, Emaar Properties, bought a 51 percent stake in Namshi from Global Fashion Group for $151 million in 2017 and the remaining 49 percent in 2019 for about $130 million.

Emaar is now weighing options to sell the business either through an outright sale or through a listing abroad via a special purpose acquisition vehicle (SPAC), sources told Reuters last month.

Dubai’s biggest lender Emirates NBD has been picked to advise Emaar on the transaction, two sources familiar with the matter said.

Emirates NBD and Emaar declined to comment.

An outright sale of Namshi may generate $600 million to $700 million in proceeds, while a listing through a SPAC could be more lucrative, a source told Reuters last month.

A SPAC raises money to acquire a private firm with the purpose of taking it public, allowing the target to list more quickly than via a traditional initial public offering.

Reporting by Davide Barbuscia and Saeed Azhar. Editing by Jane Merriman

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Report: Dubai’s Emaar Considers Sale of Namshi E-Commerce