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Tue 19 Mar 2019 03:37 PM

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Aldar unit sells Abu Dhabi residential tower for $78m

Aldar Investments announces that it has completed the sale of Al Murjan, a residential tower in Abu Dhabi

Aldar unit sells Abu Dhabi residential tower for $78m
Al Murjan is predominantly a residential tower, which also offers office and retail space.

Aldar Investments on Tuesday announced that it has completed the sale of Al Murjan, a residential tower in Abu Dhabi for AED289 million ($78.6 million).

The sale represents Aldar Investments’ second transaction since its creation in September, following the Etihad real estate acquisitions announced in February.

Aldar Investments is a wholly-owned subsidiary of Aldar Properties and is the region’s largest diversified real estate investment company, with assets worth almost AED20 billion.

Al Murjan is predominantly a residential tower, which also offers office and retail space. Located in Danet, Abu Dhabi, the building comprises 252 residential units across 23 floors, with a mix of studios, one, two and three bedroom units.

It has 1,022 sq m of ground floor retail within 10 units, and 1,481 sq m of office space across eight units. The plot also includes a swimming pool, three levels of basement car parking and outdoor recreational facilities.

Jassem Busaibe, CEO of Aldar Investments, said: “This landmark deal follows on from our acquisition last month of Etihad Plaza and Etihad Airways Centre. We saw significant investor interest in Al Murjan, which is further evidence of the strength, resilience and liquidity in the Abu Dhabi real estate market.

"It is also an excellent example of our strategy to realise value by monetising existing, mature recurring revenue assets, with a proven track record to unlock and recycle capital. With this in mind, we are actively looking for opportunities to reinvest the proceeds.”