Dubai: One of Abu Dhabi's mega-banks is looking at the possibility of divesting its real estate subsidiary, which is also one of the biggest property managers in the UAE. Abu Dhabi Commercial Properties manages a portfolio of more than 2,000 buildings, and representing more than 57,000 residential and commercial units.
Discussions have been entered into with potential suitors about the sale. According to a property market source, "ADCP's portfolio is massive and most of the assets are substantial. A divestment would fetch top dollar for ADCB. "Property values are gaining in the UAE, and ADCP has been a cash generating business. Given the sizeable office portfolio ADCP holds, that too would be of value to any new owner."
ADCB has not given a timeframe of when it hopes to finalise such an outcome. “This process may or may not result in a transaction – ADCB will update the market if and when there are material developments in line with the bank’s commitment to the highest standards of regulatory disclosure.”
As has been the case with UAE's other leading banks, ADCB reported a set of outstanding financials for the first six months of 2022. The upcoming Q3-2022 results should be a continuation of the same, analysts say.