The 25-storey tower is adjacent to Aldar’s four commercial towers at ADGM. Image Credit: Supplied

Abu Dhabi: Aldar Properties and Mubadala Investment Company have partnered to acquire Al Maryah Tower, a prime Grade A commercial office property located on Al Maryah Island, for Dh450 million.

Aldar will hold a 60 per cent stake in the property, while Mubadala will hold the remaining 40 per cent.

The 25-storey tower is adjacent to Aldar’s four commercial towers at ADGM and adds further weight to the company’s growing commercial portfolio.

The tower is set to welcome its first tenants in 2023, offering a blend of single and multi-tenant office space across more than 32,000 sqm of net leasable area. The joint venture parties will also take ownership of the car park, with over 1,000 spaces, and a parking ratio significantly higher than the municipal average at 1:31 sqm.

The asset will be managed by Aldar Investment Properties.

The Al Maryah Island waterfront promenade. Image Credit: Supplied

Khalifa Al Romaithi, Executive Director of UAE Real Estate Unit at Mubadala’s UAE Investments platform, said: “This acquisition builds upon Mubadala’s history and steadfast commitment to the growth and advancement of Abu Dhabi’s real estate market, and the city’s transformation into one of the world’s most desired places to live, work and visit. Mubadala is the master developer of Al Maryah Island, and we are confident in Aldar as the real estate champion with the right operational expertise to position ADGM and Al Maryah Island as the most desirable destination in the region for business, leisure, and entertainment.”

Jassem Saleh Busaibe, CEO at Aldar Investment, said: “The demand for Grade A office space in Abu Dhabi continues to grow and we have seen this first hand at ADGM, where occupancy has now reached almost 90 per cent across the four office towers acquired earlier this year. The addition of Al Maryah Tower to our commercial portfolio allows us to meet this growing demand head-on, while also building scale and driving the efficiency of our recurring income platform.”

The transaction provides Aldar with control of all Grade A office space at Abu Dhabi Global Market following the recent acquisition of four commercial towers from Mubadala in July 2022.