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Abu Dhabi’s largest developer, Aldar Properties, has acquired a residential and community retail development in Dubai for AED 1.1 billion ($290 million), as it continues to expand its footprint in the emirate.
The project, located in Dubai Studio City, was purchased from private developer SRG and is set to be developed into a build-to-rent residential community. The move aligns with Aldar’s strategy to grow its recurring income portfolio through income-generating assets.
The development is set to be completed by 2028.
Aldar Investment’s existing recurring income portfolio in Dubai includes a mixed-use joint venture with Expo City Dubai, a landmark commercial tower in the Dubai International Financial Centre (DIFC), a Grade A office building on Sheikh Zayed Road, and logistics assets in National Industries Park and Dubai South.
(Writing by Brinda Darasha; editing by Daniel Luiz)
