Abu Dhabi-based developer Aldar has acquired a residential and community retail development in Dubai Studio City from Dubai-based developer SRG for AED1.1bn ($300m).

The deal is part of Aldar's long-term strategy to build a high-quality recurring income portfolio and scaling its presence in the city.

Scheduled for delivery in 2028, the project comprises six mid-rise buildings with 312 homes, including one-, two- and three-bedroom apartments as well as duplexes. There is also a community mall with retail, leisure and food-and-beverage offerings. There is also a 16,000 sq m park.

 “Dubai is a priority growth market for Aldar, and this acquisition reflects our belief in the city’s residential market and the central role that institutionally owned, professionally managed rental housing plays in meeting the needs of a growing population. Dubai Studio City’s established infrastructure, vibrant community, and strong connectivity make it an excellent location for a high-quality, professionally managed living environment. This transaction is the latest step in a deliberate and broadening strategy to build a diversified portfolio of income-generating assets in Dubai, one that we expect to continue growing as the city attracts increasing global interest and talent,” said Jassem Saleh Busaibe, CEO of Aldar Investment. 

The transaction expands Aldar’s activities in Dubai across a range of property types. Aldar Investment’s recurring-income portfolio in the emirate now covers residential, commercial, logistics and mixed-use holdings. Key assets include a mixed-use JV with Expo City Dubai, a signature office tower in DIFC, a Grade A office building on Sheikh Zayed Road, and logistics facilities in National Industries Park and Dubai South.

On the development front, Aldar’s partnership with Dubai Holding continues to gain traction, with three master-planned residential communities already brought to market and a broadened pipeline exceeding 2.3 million sq m of new gross floor area.