CBRE provides valuation for $1.2 billion real estate deal

Aldar Properties has acquired four commercial towers in Abu Dhabi Global Market (ADGM), with CBRE experts advising on a transaction valuation of US$1.2 billion.

In this transaction, Aldar Properties added four major office buildings in ADGM to its portfolio, namely Al Maryah Island, Al Sila, Al Sarab, Al Maqam and Al Khatem, in the largest real estate transaction in the history of the UAE one.

The four buildings have a combined net lettable area of ​​180,000 sqm. Also included in the transaction is a north-south car park (providing more than 5,000 parking spaces for the office tower) and other mixed-use spaces.

ADGM Office Building, developed by Mubadala in 2013, is the first office building in the UAE to be pre-certified for LEED Core and Shell Gold by the US Green Building Council. Their hub – Abu Dhabi Global Market – is one of the UAE’s major business and financial centres and the destination of choice for many leading companies looking to do business in Abu Dhabi.

Commenting on the transaction, Talal Al Dhiyebi, CEO of Aldar Properties, said: “ADGM’s office tower is an unrepeatable asset in Abu Dhabi, located in the heart of the financial district, allowing us to diversify our commercial offerings and revenue streams.”

The deal comes shortly after the Aldar Properties acquisition DoubleTree by Hilton Marjan Island and an adjacent waterfront development site for a total consideration of AED810 million (US$220 million).The transaction is made by CBRE, the pair continued their client advisor relationship during the ADGM deal. CBRE provides buy-side valuation and technical due diligence consulting services.

Commenting on the change of ownership, Mubadala Executive Director Ali Al Mheiri said: “This transaction comes at the right time, allowing Mubadala to realise the value of the four towers after nearly a decade of ownership. As the UAE’s largest real estate developer and asset manager , Aldar brings the right operational expertise to enhance ADGM’s thriving business ecosystem.”

More to come…

Going forward, Aldar Properties is already exploring its next investment,” hinted Al Dhiyebi. “As part of our transformational growth agenda, we will continue to aggressively pursue capital deployment opportunities to expand our portfolio. “

It is likely that CBRE, one of Aldar’s trusted advisors on real estate transactions, was involved behind the scenes.Professional Services Group, which was named Middle East’s earlier this year Leading real estate consultancyunsurprisingly, it works for other clients as well.

Daniel McCulloch, senior director at CBRE, said: “We are currently advising local clients on their expansion in the UAE and advising overseas clients on entering the market.”