National Central Cooling Company PJSC (DFM:TABREED) signed an agreement to acquire Saadiyat District Cooling LLC and Saadiyat Cooling LLC from Aldar Properties PJSC (ADX:ALDAR) and Aldar Investment Properties LLC for approximately AED 960 million on December 23, 2020. Under the transaction, National Central Cooling Company will acquire 100% stake in Saadiyat District Cooling LLC from Aldar Investment Properties LLC and 85% stake in Saadiyat Cooling LLC from Aldar Properties PJSC (ADX:ALDAR). In a related transaction, National Central Cooling Company PJSC signed an agreement to acquire 15% of Saadiyat Cooling LLC.

The transaction is expected to complete in the first quarter of 2021. Proceeds from the sale are expected to be used to finance further growth of Aldar's diversified real estate portfolio. Tariq Imam, Richard Parris, Mohammed Al-Shukairy, Ahmed Shafiek and David Harris of Clifford Chance LLP (UAE) acted as legal advisor to Aldar Properties PJSC.

Jon Nash, Hassan Damanhouri, Moayad Al Zahrani and Iain Black of Dentons US LLP acted as legal advisor to National Central Cooling Company.