Aldar acquires Grade A office tower

abu dhabi — Aldar Properties has completed the acquisition of International Tower, a highquality office tower located in Capital Gate district of Abu Dhabi, for Dh658 million.

International Tower comprises 39,000sqm net leasable area of Grade A commercial space and will contribute to Aldar’s net operating income supported by a strong mix of existing tenants and robust occupancy.

The asset will complement Aldar’s existing Dh18 billion asset management portfolio of real estate assets across the retail, residential, office and hospitality sectors and further supports Aldar’s asset management strategy to grow net operating income.

Talal Al Dhiyebi, CEO of Aldar Properties, said: “The acquisition of International Tower demonstrates our belief in the strength of Abu Dhabi’s commercial real estate market. With a strong mix of existing tenants, this grade A office tower will make an immediate contribution to net operating income, in line with our strategy to grow recurring income from our portfolio of high-quality assets. Supported by our strong balance sheet, we will continue to assess the market for opportunities that will further drive growth of our portfolio.”

Aldar also recently announced it will retain a proportion of the Water’s Edge residential development for its asset management portfolio.

— business@khaleejtimes.com