Aldar Properties says it has reached an agreement with Tourism Development & Investment Company (TDIC) to acquire a portfolio of prime real estate assets worth Dh3.7 billion ($1.01 billion), in one of the largest real estate acquisitions in the country's history.
The Emirati property developer has acquired assets located in key destinations, with a focus on Saadiyat Island. It includes 14 operating assets within various sectors, in addition to prime strategic land plots and projects under development on that island.
The operating assets being acquired include Eastern Mangroves complex, Saadiyat Island district cooling assets, Cranleigh School Abu Dhabi, Westin Golf & Spa and other community retail and leisure assets, which will deliver an incremental net operating income of Dh120 million to Aldar's Asset Management portfolio on an annualised basis, says the Abu Dhabi developer.
The gross development value of the projects under development on Saadiyat Island is Dh2.5 billion. The land being acquired is located on Saadiyat Island, is infrastructure enabled and includes approximately 1.1 million sqm gross floor area. The acquisition is expected to be fully completed by the end of June subject to fulfilment of certain conditions, it adds.
The acquisition of TDIC's operating assets will thus enhance Aldar's asset management business with an additional stream of recurring revenue.
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