Dubai: Aldar Properties has made its second big acquisition of the week, confirming the purchase of four Grade A office towers at Abu Dhabi Global Market on Al Maryah Island. The deal to this effect was signed with Mubadala Investment Co..
The four towers in ADGM - Al Sila, Al Sarab, Al Maqam, and Al Khatem – will add a combined net leasable area of 180,000 square metres to the Aldar leasing portfolio. Aldar confirmed it had bought the four towers from Mubadala for Dh4.3 billion, making it one of the largest real estate transactions in the UAE.
The announcement comes less than 24 hours after the Abu Dhabi master-developer bought a second resort in Ras Al Khaimah, with the DoubleTree by Hilton.
Anchor tenants at these towers include blue-chips Abu Dhabi Investment Authority (ADIA), Abu Dhabi National Oil Company (ADNOC), JP Morgan, Blackstone, Reliance Industries and Kraken Exchange.
These towers will be held by Aldar Investment Properties and valued at Dh4.3 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 Dh7 billion’.
Developed by Mubadala in 2013, the Grade A office buildings were 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.
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.
- Talal Al Dhiyebi, Group CEO at Aldar Properties
In addition to being master-developer of the 116-hectare island Al Maryah Island, Mubadala Investment Company is a founding shareholder in Aldar, holding 25 per cent currently. Ali Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala Investment Company, said: “Today’s transaction is a milestone in Mubadala’s long history as master-developer of Al Maryah Island and the right moment for Mubadala to realize the value of the four grade A towers after nearly a decade of ownership.
Aldar brings the right operational expertise to enhance Abu Dhabi Global Market’s business ecosystem, strengthen its competitiveness, and attract world-class internationally recognized businesses to its thriving community.