Aldar Properties PJSC ("Aldar") has signed an agreement with Mubadala Investment Company to acquire four prime Grade A commercial towers in Abu Dhabi Global Market (ADGM), the international financial center in Abu Dhabi, located on Al Maryah Island. The transaction includes the four main office towers in ADGM located on Al Maryah Island -- Al Sila, Al Sarab, Al Maqam, and Al Khatem -- with a total net leasable area of 180,000 sqm. Aldar will also take ownership of the North and South car parks, which serve the office towers, and other mixed-use space.

The assets will be held by Aldar Investment Properties ("AIP"), the region's institutional-class real estate platform and are valued at AED 4.3 billion, representing one of the real estate transactions in the UAE bringing Aldar's total capital deployment into recurring income assets during 2022 to over AED 7 billion. Developed by Mubadala in 2013, the Grade A office towers at ADGM are built to international standards and are the first in the UAE to achieve LEED Core and Shell Gold precertification by the US Green Building Council. The buildings have a ventilated double skin façade, PV panels, external shades, occupancy sensed lighting and more.

The acquisition positions AIP's portfolio to benefit from the attractive growth prospects of the Grade A commercial office market on Al Maryah Island and particularly in ADGM. The agreement was signed by Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties and Ali Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala Investment Company. In addition to being the master developer of the 116-hectare island Al Maryah Island, Mubadala Investment Company is a founding shareholder in Aldar Properties PJSC, currently holding a 25% position.