JAKARTA (Bloomberg) -- Dubai World will buy 30 percent stakes in three units of PT Bakrieland Development, Indonesia’s biggest property developer by value, as the Persian Gulf sheikdom’s investment holdings expand in Asia.

Limitless LLC, Dubai World’s property arm, agreed to pay $110 million for the stakes in PT Bakrie Swasakti Utama, PT Bumi Daya Makmur, and PT Superwish Perkasa, Bakrieland said in a statement published in Bisnis Indonesia newspaper. Limitless will pay cash and convert some debt into shares, Bakrieland said.
Limitless is expanding in Southeast Asia’s largest economy, which the government forecasts may grow 6.4 percent this year. The Dubai developer will work with Bakrieland on the Indonesian company’s Rasuna Episentrum, a residential and office complex in central Jakarta that Limitless can help market to overseas investors.
Limitless will pay $76.3 million for a 30 percent stake in Bakrie Swasakti, including $46 million of debt that will be converted into an 18 percent stake. Bumi Daya’s stake will be sold at $14.3 million and Superwish’s at $19.4 million.
Bakrieland plans to seek shareholder approval for the sales on April 9.
The investment in Indonesia will be Limitless’s second foray into Southeast Asia. Limitless said Sept. 5 it will develop a $220 million residential and tourism project in Vietnam. The company plans to start building a 1,115-hectare, mixed-use development in Malaysia by the end of this year, it said.