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Global property consultant CBRE said it has advised UAE-based developer Aldar Properties on a valuation of four commercial office towers and associated car parks at Abu Dhabi Global Market (ADGM) on Al Maryah Island for US$1.2 billion , is said to be one of them. The largest real estate transaction in the UAE.
ADGM Square is a landmark development in Abu Dhabi that is home to some of the world’s leading financial, legal and technology companies.
The development comprises four prime Grade A commercial towers with 180,000 sqm of leasable area and two associated car parks, accommodating over 5,000 vehicles.
Daniel McCulloch, Head of Valuation Middle East at CBRE, said: “Aldar’s pipeline of domestic real estate investment transactions provides solid yield evidence for quality assets across multiple sectors. Backed by international capital, this has resulted in higher yields for the UAE. Transparency in the real estate market, transactions have historically been done behind closed doors.”
“Abu Dhabi and Dubai continued to climb in the Global Real Estate Transparency Index this year and are considered the world’s biggest improvers. CBRE is currently advising local and overseas clients on entering the UAE market, and transparency has led to valuations value accuracy; this further strengthens the overall investment business case,” he noted.
Last year, CBRE worked closely with Aldar on a number of key transactions to expand its revenue-generating portfolio, including Al Hamra Mall, Abu Dhabi Business Centre, Nurai Island, The Rixos Bab al Bahr Hotel – Marjan Island and The DoubleTree by Hilton Resort – Marjan Island.
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