The partners have acquired Al Maryah Tower on Abu Dhabi’s Al Maryah Island for $123m.
The acquisition of the prime Grade A commercial office tower reflects Mubadala’s collaborative approach to driving the growth of Abu Dhabi’s real estate market and provides Aldar with control of all Grade A office space at Abu Dhabi Global Market.
Earlier this year Aldar bought up four commercial towers in the area from Mubadala.
Abu Dhabi commercial property deal
The deal strengthens the partnership between the two companies as they work to bolster Abu Dhabi Global Market’s burgeoning business ecosystem.
Khalifa Al Romaithi, Executive Director of UAE Real Estate Unit at Mubadala’s UAE Investments platform, said: “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”.
Aldar will hold the controlling stake with 60% ownership, while Mubadala will hold a 40% stake.
The asset will be managed by Aldar Investment Properties, taking its total Net Leasable Area (NLA) across its portfolio to 2m square metres.
The acquisition further expands Aldar’s portfolio of commercial assets to accommodate rising occupancy and demand for Grade A office space in the international financial centre.
The 25-storey tower is adjacent to Aldar’s four commercial towers at ADGM and adds further weight to the company’s growing commercial portfolio.
Jassem Saleh Busaibe, CEO at Aldar Investment, said: “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.
“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.”
Al Maryah Tower is set to welcome its first tenants in 2023, offering a blend of single and multi-tenant office space across more than 32,000 sqm of NLA.
The joint venture parties will also take ownership of the car park, with over 1,000 spaces, and a parking ratio significantly higher than the municipal average at 1:31 sqm, setting it apart and offering a competitive advantage relative to other prime Grade A office properties in Abu Dhabi.
This year has been Aldar’s most active year in terms of capital deployment as the company continues to scale its platform and execute its transformational growth strategy.
Following the acquisition of Al Maryah Tower, Aldar’s total capital deployment into recurring income assets over the year to date amounted to $2bn (AED7.4bn).
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