Tabreed acquires additional 50% stake in Al Maryah district cooling scheme

Tabreed acquires additional 50% stake in Al Maryah district cooling scheme

Has signed an agreement with Mubadala Infrastructure Partners to acquire an additional 50% stake in AlWajeez Development Company, the district cooling provider to the developments on Al Maryah Island in Abu Dhabi, in exchange for AED 311.5 million. The transaction has raised Tabreed's stake in AlWajeez Development Company to 100%, according to a press release on Sunday. Tabreed will continue to operate Al Maryah's 80,000 refrigeration ton district cooling scheme under a 30-year exclusive concession granted in 2014 by Al Sowwah Square Properties, a wholly-owned subsidiary of Mubadala Investment Company. The transaction is the fourth major acquisition for Tabreed in less than two years, following its acquisition of an 80% stake in Emaar’s Downtown Dubai network, Aldar’s Saadiyat Island plant, and the Masdar City district cooling scheme in Abu Dhabi. Commenting on the transaction, said: Meanwhile, Al Marzooqi commented: