Abu Dhabi-Mubasher: Aldar Properties acquired a building owned by Daman House in Abu Dhabi for AED 330 million, as part of the Abu Dhabi-listed property developer’s 3 billion dirham investment programme.

The commercial office building is fully leased on a long-term contract to a semi-government entity, a bourse filing said on Tuesday.

Aldar’s programme aims to drive growth within its recurring revenue business to achieve 2.2 billion dirhams worth of net operating income (NOI) by 2020.

The company already committed to pump investments worth AED 900 million, representing almost 30% of this programme, through the Daman House transaction, the forthcoming extension of Al Jimi Mall in Al Ain valued at AED 410 million and finally the expansion within Aldar Acadamies through the construction of the Al Mamoura School in Abu Dhabi with AED 160 million.