Deal increases developer’s office portfolio by 19% to over 240,000 sqm net leasable area
The Abu Dhabi-listed Aldar Properties has completed the acquisition of International Tower, an office tower in the Capital Gate district, for AED 658 million ($179m).
International Tower comprises 39,000 sqm NLA of Grade A commercial space and will immediately contribute to Aldar’s net operating income supported by a strong mix of existing tenants and robust occupancy, according to a statement from the developer.
The asset will complement Aldar’s existing AED 18 billion asset management portfolio of high-quality real estate assets across the retail, residential, office and hospitality sectors and further supports Aldar’s asset management strategy to grow net operating income.
Talal Al Dhiyebi, Chief Executive Officer of Aldar Properties, said: “The acquisition of International Tower clearly demonstrates our belief in the strength of Abu Dhabi’s commercial real estate market. With a strong mix of existing tenants, this grade A office tower will make an immediate contribution to net operating income, in line with our strategy to grow recurring income from our portfolio of high-quality assets. Supported by our strong balance sheet, we will continue to assess the market for opportunities that will further drive growth of our portfolio.”
In addition to the acquisition of International Tower, Aldar also recently announced it will retain a proportion of the Water’s Edge residential development for its asset management portfolio. These announcements demonstrate Aldar’s ambition to further invest in developing a world class, high-quality asset management portfolio.