Aldar acquires $1.1bn Mubadala towers

28 July 2022
Transaction takes Aldar Investment’s assets under management to AED30bn

Abu Dhabi’s Aldar Properties has agreed to acquire commercial towers in Abu Dhabi Global Market (ADGM) located in Al-Maryah Island from Mubadala Investment Company.

The “prime Grade A commercial towers” are valued at AED4.3bn ($1.17bn).

They take Aldar’s total capital deployment into recurring income assets during 2022 to over AED7bn.

The four towers – Al-Sila, Al-Sarab, Al-Maqam and Al-Khatem – have a total net leasable area of 180,000 square metres.

Anchor tenants include Abu Dhabi Investment Authority, Abu Dhabi National Oil Company, JPMorgan, Blackstone, Reliance Industries and Kraken Exchange.

Aldar will also acquire the north and south car parks, which serve the office towers, and other mixed-use space.

Aldar Investment Properties will hold the assets.

Developed by Mubadala in 2013, the office towers “are built to international standards and are the first in the UAE to achieve LEED Core and Shell Gold precertification by the US Green Building Council”.

The buildings have a ventilated double-skin façade, photovoltaic (PV) panels, external shades and occupancy-sensed lighting.

In addition to being the master developer of the 116-hectare Al-Maryah Island, Mubadala Investment Company is a founding shareholder in Aldar Properties, holding 25 per cent.

Aldar is pursuing a strategy for transformational growth and has conducted several major transactions in 2022, including a $1.4bn investment into the company by Apollo Global Management.

During the first half of 2022, Aldar acquired retail and hospitality assets in Ras al-Khaimah and logistics and hospitality assets in Abu Dhabi.

The ADGM office tower acquisition further diversifies Aldar’s investment property portfolio, increasing the share of the commercial office segment to 34 per cent of total assets by value.

These transactions have increased Aldar Investment’s assets under management to AED30bn at the end of the first half of 2022.

Image: Aldar, Mubadala

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