Talal Al Dhiyebi, Chief Executive Officer of Aldar Properties, said in the statement that 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. 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.”
Saadiyat Island’s cultural district will be extended further through the development of the Zayed National Museum and Guggenheim Abu Dhabi in the coming years, the statement noted.
According to the statement, the operating assets being acquired include the Eastern Mangroves complex, Saadiyat Island district cooling assets, Cranleigh School Abu Dhabi, Westin Golf & Spa and other community retail and leisure assets that will deliver an incremental net operating income of approximately 120 million dirhams to Aldar’s asset management portfolio on an annualised basis.
It said the gross development value of the projects under development on Saadiyat Island is 2.5 billion dirhams, while land being acquired on Saadiyat Island is infrastructure-enabled and includes approximately 1.1 million square metres gross floor area (GFA).
Last month, the Abu Dhabi developer launched a new $2.72 billion masterplan for the Alghadeer community project located within its Seih Al Sdeirah land bank near the Abu Dhabi-Dubai border.
In March, Reuters reported that Aldar has signed a joint venture agreement with Dubai-headquartered Emaar Properties to develop local and international projects worth as much as $8.2 billion.
The company made net profit attributable to owners of 141 million dirhams in the three months to December 31, 2017 compared with 727.9 million dirhams a year earlier, Reuters reported in February. Aldar's full-year profit attributable to owners was 2 billion dirhams, compared with 2.78 billion dirhams in 2016, it added.
(Writing by Anoop Menon; Editing by Shane McGinley)
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