The move follows Aldar’s earlier acquisitions of retail and hospitality assets in Ras Al Khaimah, as well as logistics and hospitality assets in Abu Dhabi.
Aldar Properties is buying four commercial properties owned by Abu Dhabi wealth fund Mubadala for a sum of $1.17bn.
The properties include main office towers located in the capital’s financial district Abu Dhabi Global Market (ADGM) – Al Sila, Al Sarab, Al Maqam, and Al Khatem with a total leasable area of 180,000sq m.
“The office towers at ADGM are non-replicable assets in Abu Dhabi, positioned at the epicenter of the financial district, and allow us to diversify our commercial offering and income streams,” Aldar Chief Talal Al Dhiyebi said. He also mentioned that they continue to be “active in pursuit of capital deployment opportunities to expand our portfolio.”
The transaction brings Aldar’s total capital deployment into recurring income assets in 2022 to over AED7 billion. Mubadala, which is the master developer of the 116ha Al Maryah Island where ADGM sits, is also a founding shareholder in Aldar, holding a 25 per cent stake.
