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Leading Emirati developer Aldar has joined hands with Abu Dhabi sovereign investor Mubadala to acquire Al Maryah Tower, a premium Grade A commercial office building in Al Maryah Island, Abu Dhabi’s premium lifestyle destination and international financial hub.
The transaction reflects Mubadala’s collaborative approach to driving growth in Abu Dhabi’s real estate market and provides Aldar with all of Abu Dhabi Global Market’s Abu Dhabi Global Market following the recent acquisition of four commercial buildings from Mubadala in July 2022. Control of high-level office space.
Aldar’s statement said the transaction strengthens the partnership between the two companies as they work to support Abu Dhabi’s global market’s thriving business ecosystem, enhance its competitiveness and attract world-class, internationally recognized businesses into its thriving community.
Aldar will hold a 60% controlling interest, while Mubadala will hold a 40% stake. The asset will be managed by Aldar Investment Properties (AIP), the region’s largest institutional-grade real estate platform, bringing its entire portfolio to a total of 2 million square meters of net lettable area (NLA).
The acquisition, valued at AED450 million, is in line with Mubadala’s role in the transformation and diversification of the UAE’s economy, as well as in developing the capital’s real estate sector and the Al Maryah International Financial Center in Abu Dhabi.
It also further expands Aldar’s portfolio of commercial assets to accommodate the growing occupancy and demand for Grade A office space in the International Finance Centre.
The 25-storey tower adjoins Aldar’s four commercial towers at ADGM, adding further weight to the company’s growing commercial portfolio.
Executive Director Khalifa Al Romaithi said the acquisition builds on Mubadala’s history and strong commitment to the growth and advancement of Abu Dhabi’s real estate market, and the city’s transformation into one of the best places in the world to live, work and visit.
“Mubadala is the lead developer of Al Maryah Island and we believe Aldar is the real estate champion with the right operational expertise to position ADGM and Al Maryah Island as the most desirable business, leisure and entertainment destination in the region, “He says.
Jassem Saleh Busaibe, CEO of Aldar Investment, noted that Abu Dhabi’s demand for Grade A office space continues to grow.
“We have seen this firsthand at ADGM, with occupancy rates now at nearly 90% for the four office buildings we acquired earlier this year. Adding Al Maryah Tower to our commercial portfolio allows us to meet this ongoing growing demand while also building scale and increasing the efficiency of our recurring revenue platform,” he noted.
Al Maryah Tower will welcome its first tenants in 2023, offering single and multi-tenant office space in over 32,000 sqm of NLA.
The joint venture party will also acquire the ownership of the parking lot, which has more than 1,000 parking spaces and a parking ratio of 1:31 square meters, which is much higher than the city average and has a competitive advantage over other high-quality Grade A office buildings in Abu Dhabi Compare.
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