Aldar Properties said on Wednesday that it has completed the acquisition of International Tower, an office tower located in Capital Gate district of Abu Dhabi for AED658 million ($179.1 million).
International Tower comprises 39,000 sq m of Grade A commercial space and will immediately contribute to Aldar’s net operating income supported by a strong mix of existing tenants and robust occupancy, the developer said in a statement.
Talal Al Dhiyebi, CEO of Aldar Properties, said: "The acquisition of International Tower clearly demonstrates our belief in the strength of Abu Dhabi’s commercial real estate market.
"With a strong mix of existing tenants, this grade A office tower will make an immediate contribution to net operating income, in line with our strategy to grow recurring income from our portfolio of high-quality assets. Supported by our strong balance sheet, we will continue to assess the market for opportunities that will further drive growth of our portfolio."
Aldar also recently announced it will retain a proportion of the Water’s Edge residential development for its asset management portfolio.
Last month, Aldar Properties reported a third quarter net profit of AED601 million ($163.6 million) on revenue of nearly AED1.4 billion.
The company added in a statement that it saw AED604 million in development sales during the quarter – with total development sales of AED2.4 billion in the nine months to the end of September.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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