In one of the biggest property deals in the region, UAE developer Aldar Properties has signed an agreement with state investor Mubadala Investment Co. to acquire four commercial towers in Abu Dhabi for AED4.3 billion ($1.17 billion).

The acquisition, which comes a day after the developer bought a beachfront resort in Ras Al Khaimah for AED810 million, will bring Aldar’s total capital deployment into recurring income assets during 2022 to over AED7 billion, it said in a statement on Thursday.

The four Grade A commercial towers are located in Abu Dhabi Global Market (ADGM), the international financial center in Abu Dhabi, located on Al Maryah Island and has a total net leasable area of 180,000 sqm. Anchor tenants include Abu Dhabi Investment Authority, Abu Dhabi National Oil Co., JP Morgan, Blackstone, Reliance Industries and Kraken Exchange.

Mubadala Investment Co., which is the master developer of the 116-hectare island Al Maryah Island, is Aldar’s largest shareholder with a 25% stake.

Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties, said the transaction was "part of our transformational growth agenda."

Early this year, the UAE's biggest developer had outlined plans to spend AED5 billion on acquisitions this year to grow its portfolio of revenue-generating properties.

Its other notable deals this year include a $1.4 billion investment into the company by Apollo Global Management and the acquisition of Rixos Bab Al Bahr beach property in Ras Al Khaimah for $210 million.

As a result of these transactions, Aldar Investment’s assets under management have increased to AED30 billion as at the end of H1 2022, it said.

(Reporting by Brinda Darasha; editing by Seban Scaria)