Aldar completes sale of residential tower

Abu Dhabi: Real estate developer, Aldar Properties, announced on Monday the completion of the sale of a residential tower on Reem Island’s Marina Square to MAG F5 Holdings, a joint venture between MAG Group and Fortune 5 Investments.

The tower comprises 202 completed units that are ready for handover across 44,424 square metres.

Mohammad Al Mubarak, Aldar CEO, said the sale was part of a strategy to inject capital into new developments, and widen the company’s customer base. It also marks the first major acquisition by a Dubai-based investor in many years.