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Dubai – Global real estate advisor CBRE provided valuation advice to Aldar Properties PJSC for the purchase of four commercial office buildings and associated car parks at the Abu Dhabi Global Market (ADGM) on Al Maryah Island for approximately 1,000 years. USD 1.2 billion (AED 4.3 billion), making it one of the largest real estate transactions 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 high-quality Grade A commercial towers with a leasable area of approximately 180,000 square meters and two associated car parks that can accommodate over 5,000 vehicles.
Daniel McCulloch, Head of Valuation Middle East at CBRE, commented: “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 brought the UAE’s real estate market to the fore. Greater transparency, the market has been working behind closed doors in the past. Abu Dhabi and Dubai have continued to climb on the Global Real Estate Transparency Index this year and are ranked as the world’s top improvers. CBRE is currently serving local and overseas clients Advice on entering the UAE market is provided, and transparency improves valuation accuracy; this further strengthens the overall investment business case.”
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.
About CBRE Group Limited
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE provides a comprehensive suite of services to a variety of clients, including facility, transaction and project management; property management; investment management; appraisals and valuations; property leasing; strategic consulting; property sales; mortgage servicing and development services.Please visit our website www.cbre.com.
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