Abu Dhabi – Mubasher: Aldar Properties partnered with Mubadala Investment Company to acquire Al Maryah Tower in exchange for AED 450 million, according to a press release.

Aldar will be holding a 60% controlling stake in Al Maryah Tower, while Mubadala will own the remaining 40% equity. The two firms will also take ownership of the car park, with more than 1,000 spaces.

In this regard, the asset will be managed by Aldar Investment Properties (AIP), bringing its total net leasable area (NLA) across its portfolio to 2 million square metres.

Following the transaction, the ADX-listed company’s total capital investment into recurring income assets year-to-date reached AED 7.40 billion.

The acquisition process reinforces the collaboration between Mubadala and Aldar to foster the Abu Dhabi Global Market’s (ADGM) business ecosystem, bolster its competitiveness, and attract internationally recognised enterprises to its community.

It also aligns with Mubadala’s vision to enhance the economic transformation and diversification across the UAE and boost the capital’s real estate sector, as well as Abu Dhabi’s international financial centre in Al Maryah Island.

Meanwhile, the 25-storey tower is set to receive its first guests in 2023, offering a mixture of single and multi-tenant office space across more than 32,000 square metres of NLA.

Khalifa Al Romaithi, the Executive Director of UAE Real Estate Unit at Mubadala, noted: “This acquisition builds upon Mubadala’s history and steadfast commitment to the growth and advancement of Abu Dhabi’s real estate market, and the city’s transformation into one of the world’s most desired places to live, work and visit.”

Jassem Saleh Busaibe, CEO of AIP, mentioned: “The demand for Grade A office space in Abu Dhabi continues to grow and we have seen this first hand at ADGM, where occupancy has now reached almost 90% across the four office towers acquired earlier this year.

Busaibe stated: “The addition of Al Maryah Tower to our commercial portfolio allows us to meet this growing demand head-on, while also building scale and driving the efficiency of our recurring income platform.”

In the first nine months (9M) of 2022, Aldar generated net profits attributable to the shareholders worth AED 2.02 billion, a hike from AED 1.53 billion in the year-ago period.