Nine Yards Plus Holding Signed a binding offer to acquire 80% stake Abu Dhabi Commercial Properties L.L.C. from Abu Dhabi Commercial Bank PJSC (ADX:ADCB) on November 8, 2023. The transaction values Abu Dhabi Commercial Properties at AED 591 million and the Bank will register a gain of approximately AED 490 million subject to closing conditions before the end of December 2023. ADCB will retain a 20% stake in ADCP post transaction and will continue its partnership via a long-term relationship agreement.

Barclays Bank PLC, United Arab Emirates acted as the sole financial advisor to ADCB on the transaction, Deloitte Corporate Finance Limited advised on sell side due diligence, and Clifford Chance acted as legal advisors to ADCB. Grant Thornton United Arab Emirates, Alvarez & Marsal Middle East Limited assisted on buy side due diligence and Al Tamimi & Company provided legal advice to Nine Yards Plus Holding - Sole Proprietorship L.L.C. As on December 14, 2023, Nine Yards Plus Holding signed an agreement to acquire 80% stake Abu Dhabi Commercial Properties L.L.C. from Abu Dhabi Commercial Bank PJSC (ADX:ADCB).