Dubai Investments plans to sell shares in its district cooling unit Emicool in Q4 and aims to start a $817m (AED3bn) real estate investment trust as it seeks to boost profit.

Khalid Bin Kalban, chief executive officer at Dubai Invetments, told Bloomberg Television that Al Mal Capital PSC is advising the company on the planned initial public offering and that more banks will be hired.

The process is estimated to value Emicool between $353.9m and $408.3m, Bin Kalban said.

Dubai Investment last month bought Union Properties PJSC’s entire stake in Emicool for $136.1m (AED500m) making it its sole owner.

In 2016, Bin Kalban had said that Dubai Investments may sell 30% of its stake in the IPO of Emicool, which provides cooling services to hundreds of homes and offices in areas such as Dubai Investments Park and Motor City.

Bin Kalban said: “Emicool will go through a transition and we’ll make one acquisition in the second quarter, perhaps two depending on circumstances. We’re hoping to go for a private placement in the third quarter and then an IPO.”

Dubai Investments on Sunday reported an 18% decline in full-year profit to $27.2m, as some transactions scheduled for 2017 were delayed to this year, Bin Kalban said.

The first quarter of 2018 will be much stronger than the last three months of last year, with earnings expected to grow as much as 25%, he added.

He explained however that the decline in profit in 2017 would probably mean that dividends for the year will remain the same as in the preceding year.

DIC paid a dividend of 11 fils a share in 2017 as well as a 5% bonus, Arabian Business reported.

Bin Kalban said Dubai Investments also plans to list its real estate investment trust either on Nasdaq Dubai or Dubai Financial Market, possibly this year.