UAE Business: Aldar to acquire four prime towers from Mubadala for $1.7bn – Gulf Digital News

UAE Business: Aldar to acquire four prime towers from Mubadala for $1.7bn – Gulf Digital News

Aldar Properties has signed an agreement with Mubadala Investment Company to acquire four prime Grade A commercial towers in Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, located on Al Maryah Island.

The assets, which will be held by Aldar Investment Properties (AIP), are valued at AED4.3 billion ($1.7 billion), representing one of the largest real estate transactions in the UAE, bringing Aldar's total capital deployment into recurring income assets during 2022 to over AED7 billion, said a Wam news agency report.

The transaction includes the four main office towers in ADGM located on Al Maryah Island -- Al Sila, Al Sarab, Al Maqam, and Al Khatem -- with a total net leasable area of 180,000 sq m. Aldar will also take ownership of the North and South car parks, which serve the office towers, and other mixed-use space.

The acquisition positions AIP's portfolio to benefit from the attractive growth prospects of the Grade A commercial office market on Al Maryah Island and particularly in ADGM.

The agreement was signed by Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties, and Ali Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala Investment Company. The signing was witnessed by