Abu Dhabi-based property development company Aldar Properties and UAE’s sovereign wealth fund, Mubadala Investment Company have partnered to acquire Al Maryah Tower, a prime Grade A commercial office property located on Al Maryah Island, the region’s premium lifestyle destination and international financial center.
The transaction reflects Mubadala’s collaborative approach to driving the growth of Abu Dhabi’s real estate market and provides Aldar with control of all Grade A office space at Abu Dhabi Global Market following the recent acquisition of four commercial towers from Mubadala in July 2022.
The deal strengthens the partnership between the two companies as they work to bolster Abu Dhabi Global Market’s burgeoning business ecosystem, enhance its competitiveness, and attract world-class, internationally recognized businesses to its thriving community.
Jassem Saleh Busaibe CEO – Aldar Investment
“The demand for Grade A office space in Abu Dhabi continues to grow, and we have seen this first hand at ADGM, where occupancy has now reached almost 90 percent across the four office towers acquired earlier this year. The addition of Al Maryah Tower to our commercial portfolio allows us to meet this growing demand head-on, while also building scale and driving the efficiency of our recurring income platform.”
Aldar will hold the controlling stake with 60 percent ownership, while Mubadala will hold a 40 percent stake. The asset will be managed by Aldar Investment Properties (AIP), the region’s largest institutional-class real estate platform, taking its total Net Leasable Area (NLA) across its portfolio to 2 million sqm.
Mr. Khalifa Al Romaithi, Executive Director of the UAE Real Estate Unit at Mubadala’s UAE Investments platform, said that, “This acquisition builds upon Mubadala’s history and steadfast commitment to the growth and advancement of Abu Dhabi’s real estate market, and the city’s transformation into one of the world’s most desired places to live, work and visit.”
“Mubadala is the master developer of Al Maryah Island, and we are confident in Aldar as the real estate champion with the right operational expertise to position ADGM and Al Maryah Island as the most desirable destination in the region for business, leisure, and entertainment,” Mr. Al Romaithi added.
The acquisition, which is valued at $122 million (AED 450 million), aligns with Mubadala’s role in the economic transformation and diversification of the UAE and its role in developing the capital’s real estate sector and Abu Dhabi’s international financial center on Al Maryah.
Al Maryah Tower is set to welcome its first tenants in 2023, offering a blend of single and multi-tenant office space across more than 32,000 sqm of NLA.
“The joint venture parties will also take ownership of the car park, with over 1,000 spaces, and a parking ratio significantly higher than the municipal average at 1:31 sqm, setting it apart and offering a competitive advantage relative to other prime Grade A office properties in Abu Dhabi,” as per the statement.
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
