UAE’s Aldar and Mubadala acquire tower in Abu Dhabi for $123mln

UAE’s Aldar and Mubadala acquire tower in Abu Dhabi for $123mln

Aldar Properties, the developer of Abu Dhabi's Formula One motor racing circuit, and Mubadala Investment Co., an Abu Dhabi state investor, have jointly acquired Al Maryah Tower for 450 million dirhams ($123 million).

Aldar will hold the controlling stake with 60% ownership, while Mubadala will hold a 40% stake. The asset will be managed by Aldar Investment Properties, the Abu Dhabi Securities Exchange-listed Aldar said in a regulatory filing on Wednesday.

Following this acquisition, Aldar’s total capital deployment into recurring income assets over the year- to-date amounted to AED7.4 billion.

The 25-storey tower is a Grade A commercial office property located on Al Maryah Island.

In July this year, Aldar Properties acquired four commercial towers, also located on Al Maryah Island in Abu Dhabi for AED4.3 billion from Mubadala.

(Writing by Brinda Darasha; editing by Seban Scaria)

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