A transaction involving a Grade A 26-storey office tower at Abu Dhabi’s Capital Centre district was the largest commercial real estate transaction in 2017, according to JLL, which advised on the deal.
The International Tower was acquired by Aldar Properties recently.
Completed in 2012 by SinoGulf Real Estate Investments, the property has a gross leasable area of about 40,000 square meters and a built-up of 91,000 square metres.
Located close to Abu Dhabi National Exhibition Centre, the property’s tenants include Aecom, Wood Group, and McKinsey & Co. “This is by far the largest sale of a real estate asset in Abu Dhabi in recent times, which confirms that there remains strong interest among investors for well-built, let and managed properties in Abu Dhabi and the UAE,” said Gaurav Shivpuri, Head of Capital Markets in MENA, JLL. “We will soon begin the marketing of a high quality residential asset on the island and expect it to have similar strong investor interest, as the market begins to stabilise after a few years of challenging conditions.”
Besides this sale, JLL advised four other large asset transactions in the region during 2017, totalling over Dh2 billion in value.
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