Abu Dhabi developer Aldar acquires TDIC’s real estate assets worth 3.7 billion dirhams

Aldar’s agreement with Tourism Development & Investment Company to acquire 3.7 billion dirhams worth of prime real assets is one of the largest property acquisitions in the UAE’s history. (Courtesy Aldar)

DUBAI: Abu Dhabi developer Aldar on Monday said it has signed an agreement with Tourism Development & Investment Company (TDIC) to acquire 3.7 billion dirhams worth of its prime real assets, one of the largest property acquisitions in the UAE’s history.
The transaction will be fully complete by the end of June, subject to fulfilment of certain conditions, the company said in a disclosure to the Abu Dhabi stock exchange.
The 14 assets acquired from TDIC, mostly focus on the emirate’s tourism-cultural destination Saadiyat Island, range from hospitality, retail, residential, education and infrastructure as well as a selection of prime land plots and projects currently being developed. The more notable acquisitions include the Eastern Mangroves complex, Saadiyat Island district cooling assets, Cranleigh School Abu Dhabi and Westin Golf & Spa.
“Acquiring assets on Saadiyat Island presents Aldar with an unprecedented opportunity to add significant value to its portfolio. The opening of the Louvre Abu Dhabi has demonstrated the government’s commitment to make Saadiyat Island one of the most sought-after destinations in the world,” Talal Al Dhiyebi, Chief Executive Officer of Aldar Properties, said in a statement to the bourse.
“We believe this landmark acquisition will further advance Abu Dhabi’s real estate sector and accelerate the development of Saadiyat Island, taking it to the next level. This is a very exciting time for the market, and as its leading player, we’re well placed to take advantage, with the injection of these new assets.”
The land and projects under development that to be taken over will form part of Aldar’s development destination strategy, the developer said, while collectively the acquired assets should deliver ‘an incremental net operating income of approximately 120 dirhams million to Aldar’s asset management portfolio on an annualized basis.’
The gross development value of the projects under development on Saadiyat Island is 2.5 billion dirhams. The land located on Saadiyat Island that is being acquired, which is infrastructure enabled, has approximately 1.1 million square meters of gross floor area.