Aldar to acquire four properties from Mubadala, deal valued at Dhs4.3bn

Aldar Properties has signed an agreement with Mubadala Investment Company to acquire four prime Grade A commercial towers in Abu Dhabi Global Market (ADGM).

The transaction includes the four main office towers in ADGM located on Al Maryah Island, Al Sila, Al Sarab, Al Maqam, and Al Khatem, with a total net leasable area of 180,000 square metres.

Aldar will also take ownership of the North and South car parks, which serve the office towers, and other mixed-use space.

The assets will be held by Aldar Investment Properties and are valued at Dhs4.3bn, making it one of the largest real estate transactions in the UAE, and bringing Aldar’s total capital deployment into recurring income assets during 2022 to over Dhs7bn.

Developed by Mubadala in 2013, the Grade A office towers at ADGM are built to international standards and are the first in the UAE to achieve LEED Core and Shell Gold precertification by the US Green Building Council. The buildings have a ventilated double skin façade, PV panels, external shades, occupancy sensed lighting and more..

Talal Al Dhiyebi, group CEO at Aldar Properties, said: “We continue to be active in pursuit of capital deployment opportunities to expand our portfolio as part of our transformational growth agenda. The office towers at ADGM are non-replicable assets in Abu Dhabi, positioned at the epicenter of the financial district, and allow us to diversify our commercial offering and income streams.

“Our strong long-term relationship with Mubadala and the strategic nature of the transaction will result in Aldar driving forward ADGM’s position as the most desirable destination in the region for international financial services entities.”

In addition to being the master developer of the 116-hectare island Al Maryah Island, Mubadala Investment Company is a founding shareholder in Aldar Properties, currently holding a 25 per cent position.

Ali Al Mheiri, ED of Diversified Assets at Mubadala Investment Company, commented that the deal was a milestone in “Mubadala’s long history as master developer of Al Maryah Island and the right moment for Mubadala to realise the value of the four grade A towers after nearly a decade of ownership”.

In recent news, Aldar Properties, through its Aldar Investment business, has expanded its hospitality and leisure portfolio with the acquisition of DoubleTree by Hilton Resort & Spa Marjan Island, and an adjacent beachfront development plot for a total consideration of Dhs810m.

Read: Aldar acquires Doubletree By Hilton Resort and Spa, takes total investment in RAK to Dhs2bn