Abu Dhabi's Alpha Dhabi in another mega-deal, buys St. Regis at Saadiyat Island owner Murban
In April, Alpha Dhabi paid Dh3.5b to acquire 12.21% stake in Aldar Properties
Dubai: Abu Dhabi sees its second major real estate transaction of the year – again involving Alpha Dhabi Holding, part of the International Holding Co.’s portfolio.
Alpha Dhabi Holding has completed the acquisition of the privately-owned investment company Murban, with around Dh1.7 billion in equity. It’s investments include the St. Regis at the Saadiyat Island, the Al Wathba Luxury Collection desert reorts and the Le Noir Café brand.
“We are excited by the opportunity to accelerate our global exposure with our investment in Murban, which has a highly complementary business and asset portfolio,” said Mohamed Thani Murshed Al Rumaithi Chairman of Alpha Dhabi Holding.
“Murban is a dynamic platform on which to build our private and public equity exposure on the international markets. In addition, Murban has an excellent portfolio of hospitality developments and we are thrilled to be working together to gain access to new markets.”.
Making a habit
In March, Alpha Dhabi paid Mubadala Dh3.5 billion to buy a 12.21 per cent stake in Aldar Properties’, Abu Dhabi’s biggest developer. Market sources say that a vast consolidation is happening within Abu Dhabi’s real estate and investment spaces, and which is what Alpha Dhabi wants to tap into.
In March, Murban signed an agreement to build a luxury resort in Aceh province, Indonesia. Alpha Dhabi itself has a “strong hospitality development division”, having built hotels in the UAE, Morocco, Russia, and the UK. “The Murban acquisition will help accelerate Alpha Dhabi’s diversification strategy as it looks to expand its portfolio,” a statement said.
“The transaction places us in a unique position to cease new opportunities across different markets through Murban’s rich asset portfolio,” said Hamad Al Ameri, Managing Director of Alpha Dhabi Holding. “We are working closely with IHC and are actively building a diversified portfolio in line with our strategic ambitions and future goals. We look forward to capitalizing on our shared aspirations and synergies with Murban.”