Aldar acquires office building in Abu Dhabi

19 January 2016

AED330m Investment is part of the company’s drive to increase recurring income portfolio

Aldar Properties has acquired Daman House a commercial office building in Abu Dhabi’s Capital Centre as part of its AED3bn ($817m) investment programme.

The company, which is Abu Dhabi’s largest listed developer by market capitalisation, said the property with 23,000 square metres gross leasable area is fully occupied by a government-related entity on a long-term contract. The transaction is part of the company’s efforts to build recurring revenue portfolio, which the company hopes will help it to record AED2.2bn in net operating income by 2020, Aldar said in a 19 January stock exchange filing. 

The company didn’t announce the size of investment, but said that with the acquisition of Daman House, investment in extension of Al-Jimi Mall in Al-Ain and the expansion within Aldar Acadamies, Aldar has already committed AED900m from its AED3bn programme.

Aldar has committed AED410m to add 43,000 square meters of gross leasable area in Al Jimi Mall and it is investing AED160m on construction of Al-Mamoura School as part of expansion of Aldar Academies’ portfolio, the company said in the statement.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.