Aldar Properties to acquire four towers in ADGM from Mubadala
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 international financial centre in Abu Dhabi, located on Al Maryah Island.
The assets, which will be held by Aldar Investment Properties (AIP), are valued at Dhs4.3 billion, representing one of the largest real estate transactions in the UAE, bringing Aldar’s total capital deployment into recurring income assets during 2022 to over Dhs7 billion.
The transaction includes the four main
Aldar Properties announced that its net profit rose to Dhs1.53 billion in the first half of 2022, representing a year over year increase of 44% compared to the same period last year
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 sqm. Aldar will also take ownership of the North and South car parks, which serve the office towers, and other mixed-use space.
The acquisition positions AIP’S portfolio to benefit from the attractive growth prospects of the Grade A commercial office market on Al Maryah Island and particularly in ADGM.
The agreement was signed by Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties, and Ali Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala Investment Company.
The signing was witnessed by Mohamed Khalifa Al Mubarak, Chairman of Aldar, and Musabbeh Al Kaabi, Chief Executive Officer of UAE Investments at Mubadala.
Commenting on the acquisition, Al Dhiyebi 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 epicentre 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.”
Meanwhile Aldar Properties Group announced that its net profit rose to Dhs1.53 billion in the first half of 2022, representing a year over year (y-o-y) increase of 44 per cent compared to the same period last year.
The company’s results announced today showed that net profits amounted to AED841 million during second quarter of this year, representing a y-o-y increase of 62 per cent compared to the same period in 2021.
Group sales rose to a record level of Dhs5.33 billion for H1 of 2022, driven by strong domestic and international demand for existing inventory, the launch of new properties in the UAE, in addition to strong sales of SODIC company.
Talal Al Dhiyebi, the Group Chief Executive Officer at Aldar Properties, said, “Aldar continues to execute on its transformational growth agenda as we consolidate our position as the leading real estate developer and manager in the UAE. Over the first half of the year, we deployed and committed over Dhs11 billion of capital adding considerable scale and diversification to our portfolio as we expanded into new markets and sectors, and enhanced earnings growth across our platform.