Abu Dhabi’s Aldar Properties has agreed to acquire AED3.7bn ($1bn) of real estate assets from another Abu Dhabi-based developer, the Tourism Development & Investment Company (TDIC).

The acquisition, which is expected to be fully complete by the end of June this year, includes a variety of assets. There are 14 operating assets within various sectors ranging from hospitality, retail, residential, education and infrastructure, as well as prime strategic land plots and projects under development on Saadiyat Island.

The operating assets being acquired include Eastern Mangroves complex, Saadiyat Island district cooling assets, Cranleigh School Abu Dhabi, Westin Golf & Spa and other community retail and leisure assets. Aldar says they will deliver an incremental net operating income of approximately AED120m to Aldar’s Asset Management portfolio on an annualised basis.

The gross development value of the projects under development on Saadiyat Island is AED 2.5bn. The land being acquired is located on Saadiyat Island, is infrastructure enabled and includes approximately 1.1 million square metres of gross floor area.

The value of Saadiyat Island was more recently reinforced by the opening last year of the Louvre Abu Dhabi. The island’s cultural district is to be extended further through the development of the Zayed National Museum and Guggenheim Abu Dhabi. An award for the construction of the Zayed National Museum is expected this year.

This article has been unlocked to allow non-subscribers to sample MEED’s content for FREE. MEED provides exclusive news, data and analysis about the Middle East every day. Subscribe to MEED to have full access to Middle East business intelligence. Click here