Alpha Dhabi Holding subsidiary, Sublime Commercial Investment, on Wednesday announced it has acquired a 12.21 percent strategic stake in Aldar Properties.
In a deal worth AED3.5 billion ($950 million), the stake has been purchased from Mubadala Investment Company, a statement said.
Alpha Dhabi Holding is an Abu Dhabi-based investment firm managing a diversified portfolio of listed and unlisted equities in both local and regional markets.
The transaction, which involved the transfer of 960 million shares in a block trade, is one of the largest private share purchases in a UAE-listed company and was carried out by International Securities and ADCB Securities.
Mubadala will remain Aldar’s largest shareholder at 25 percent and continues to be a long-term strategic investor, supporting Aldar’s growth as a national real estate champion with the highest market cap in the real estate sector.
Last month, Abu Dhabi-based Aldar Properties bucked the trend of UAE developers with a marginal increase of 0.4 percent in profits for 2020 compared to the previous 12 months.
The country’s biggest listed developer saw profits increase from AED1.925 billion ($524 million) in 2019 to AED1.932bn ($526m), while year-on-year revenues were up 17 percent from AED7.1bn ($1.93bn) to AED8.4bn ($2.3bn).
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