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Media In – Abu Dhabi 7 May 2018 / WAM /
Aldar Properties has announced an AED 3.7 billion acquisition of a portfolio of AED 3.0 billion worth of real estate assets from the Abu Dhabi Tourism Development and Investment Company (TDIC), one of the largest real estate acquisitions in the history of the UAE.
As part of the deal, Aldar has acquired real estate assets in key destinations centered on Saadiyat Island and includes 14 operating projects in various sectors including hotel properties, retail space, residential buildings, schools and infrastructure projects as well as a range of land In strategic locations and projects under development in Saadiyat Island.
Operating assets under the agreement include the Eastern Qurum Complex, cooling assets on Saadiyat Island, Cranley Abu Dhabi, Westin Abu Dhabi Golf and Spa Resort, and retail and entertainment assets. It is expected to add a net operating income of approximately AED 120 million per year to the management portfolio Aldar Properties.
The total value of the development projects – still under construction on Saadiyat Island – is estimated at AED 2.5 billion. The land acquired under this agreement is located on Saadiyat Island, a fully equipped land with an area of approximately 1.1 million square meters.
“The acquisition of new properties on Saadiyat Island offers the company an unprecedented opportunity to add value to its asset portfolio, especially as we have seen the opening of the Louvre Abu Dhabi Museum as a government commitment to elevate Saadiyat Island to the world’s top destinations,” said Talal Al-Thiaby, CEO of Aldar Properties.
He expressed confidence that the acquisition will contribute to the development of the real estate sector in Abu Dhabi and accelerate the pace of development on Saadiyat Island and highlight its importance as an exceptional cultural and tourism center.
