Aldar Properties to acquire Mubadala’s 4 Grade A office towers at ADGM

By Arya M Nair, Official Reporter
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Aldar Properties has signed an agreement with Mubadala Investment Company to acquire four prime Grade A commercial towers in Abu Dhabi Global Market (ADGM), the international financial center in Abu Dhabi, located on Al Maryah Island.

The transaction includes the four main office towers in ADGM including Al Sila, Al Sarab, Al Maqam, and Al Khatem, with a total net leasable area of 180,000 sqm. Aldar will also take ownership of the North and South car parks, which serve the office towers, and other mixed-use spaces.

The assets will be held by Aldar Investment Properties (AIP), the region’s largest institutional-class real estate platform and are valued at $1.17 billion, representing one of the largest real estate transactions in the UAE bringing Aldar’s total capital deployment into recurring income assets during 2022 to over $1.9 billion.

Developed by Mubadala in 2013, the Grade A office towers at ADGM 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, PV panels, external shades, occupancy sensed lighting and more.

Talal Al Dhiyebi
Talal Al Dhiyebi
Group CEO – Aldar Properties

“We continue to be active in pursuit of capital deployment opportunities to expand our portfolio as part of our transformational growth agenda. The office towers at ADGM are non-replicable assets in Abu Dhabi, positioned at the epicenter of the financial district, and allow us to diversify our commercial offering and income streams. Our strong long-term relationship with Mubadala and the strategic nature of the transaction will result in Aldar driving forward ADGM’s position as the most desirable destination in the region for international financial services entities.”

The acquisition positions AIP’s portfolio to benefit from the attractive growth prospects of the Grade A commercial office market on Al Maryah Island and particularly in ADGM. The agreement was signed by Mr. Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties and Mr. Ali Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala Investment Company.

Related: Aldar acquires RAK’s DoubleTree by Hilton Resort & Spa for $220mn