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- Further evidence of strength and liquidity in Abu Dhabi real estate market
Abu Dhabi: Aldar Investments is pleased to announce that it has completed the sale of Al Murjan, a residential tower in Abu Dhabi for AED 289 million.
The sale represents Aldar Investments’ second transaction since its creation in September 2018, following the Etihad real estate acquisitions announced in February. Aldar Investments is a wholly-owned subsidiary of Aldar Properties PJSC (“Aldar”) and is the region’s largest diversified real estate investment company, with assets worth almost AED 20 billion.
Al Murjan is being sold with an implied yield of 6.6 per cent, which is testament to the quality of the asset and its sustained operational performance under Aldar’s leading asset management platform.
Al Murjan is predominantly a residential tower, which also offers office and retail space. Located in Danet, Abu Dhabi, between Airport Road and Muroor Road, it provides easy access to Abu Dhabi city centre and the E11 Sheikh Zayed Road. The plot sits within a master-planned development that offers landscaped gardens and boulevards as well as cafes, restaurants and a mall.
The building comprises 252 residential units across 23 floors, with a mix of studios, one, two and three bedroom units. It has 1,022 sqm of ground floor retail within 10 units, and 1,481 sqm of office space across 8 units. The plot includes a swimming pool, three levels of basement car parking and outdoor recreational facilities.
Jassem Busaibe, Chief Executive Officer of Aldar Investments, commented: “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.”
-Ends-
For further information, please contact:
Investors:
Chris Wilson
Aldar Properties
+971 2 810 5624
Media:
Nick Farmer / Obaid Al Yammahi
Aldar Properties
+971 2 810 5555
Emily Hargreaves
Hanover Communications
+971 55 559 7391
For more information on Aldar please visit www.aldar.com or follow us on:
About Aldar
Aldar Properties PJSC is the leading real estate developer in Abu Dhabi with USD10 billion in assets, a 75 million sq. m land bank, and through its iconic developments, it is one of the most well known in the United Arab Emirates, and wider Middle East region.
From its beginnings in 2005 through to today, Aldar continues to shape and enhance the urban fabric of the UAE’s Capital City in addition to other key areas of the Emirate.
Aldar develops exciting and innovative projects, such as the internationally recognized HQ building situated in the Al Raha Beach development, the Gate Towers in Shams Abu Dhabi on Al Reem Island, in addition to Yas Island’s F1 circuit.
Aldar’s shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH),. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.
Aldar seeks to create quality, comfortable, desirable destinations that enrich the lives of Abu Dhabi residents as well as tourists within the Emirate. Aldar is playing a leading role in the development and provision of world class retail - Yas Mall, international standard education through Aldar Academies, iconic entertainment venues such as the Yas Marina Circuit, and community amenities across its entire portfolio.
Aldar is driven by a vision to be the most trusted and recognized real estate lifestyle developer in Abu Dhabi and beyond.
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