Dubai – Mubasher: National Central Cooling Company (Tabreed) on Tuesday announced the acquisition a 50% stake in S&T Cool District Cooling Company from Aldar Properties.

Following the completion of the acquisition, Tabreed will own 100% of S&T, the UAE’s leading district cooling utility said in a filing to the Dubai Financial Market (DFM).

S&T, the major district cooling provider on Reem Island in Abu Dhabi, has a connected capacity of over 31,500 refrigeration tonnes, Tabreed added.

The deal, valued at AED 348 million, will provide provides cooling to prominent landmarks on Reem Island’s skyline such as Sun & Sky Towers, Gate Towers, The Arc and Shams Boutik mall, the DFM-listed company highlighted.

Given that Tabreed posted a net profit of AED 109.7 million ($29.86 million) for the fourth quarter of 2017, versus AED 98.1 million ($26.7 million) in Q4-16.