Abu Dhabi, UAE: Aldar Properties has agreed to sell the Abu Dhabi Golf Club Complex, including the Westin Hotel and the Abu Dhabi Golf Course, to a financial investor for AED 180 million.

The sale, which has a transaction value representing a 13% increase on the entry price, is in line with Aldar’s asset management strategy to actively pursue profitable investment exits and redeploy capital into growth opportunities. 

The Complex, which also includes land for development of 46,543 square meters gross floor area of residential property, was acquired by Aldar as part of a wider transaction with Abu Dhabi’s Tourism Development Investment Company (TDIC) in 2018.

Jassem Saleh Busaibe, Chief Investment Officer of Aldar Properties, said: “We are very pleased to have successfully conducted the sale of this luxury hospitality complex, a testament to our team’s ability to create value through active management, despite challenges to the hospitality and tourism industry from Covid-19. We will continue to pursue opportunities for significant growth and further diversification of the Aldar Properties portfolio.”

The Westin Abu Dhabi Golf Resort and Spa is a luxury five-star hotel with 172 keys, and features 6 restaurants, 2,256 square meters of conference space, 2 swimming pools a high-end spa. The hotel was built in 2011 and is currently operated by Marriot International under a management agreement.

The Abu Dhabi Golf Club features an 18-hole championship course and 9-hole garden course. It was inaugurated in 2000 and is home to the European Tour Abu Dhabi HSBC Championship since 2006. The golf club is currently under a licensed and technical service agreement with Troon International. The complex also includes around 500 square meters for residential development.

This is the latest in a series of transactions by Aldar. The company agreed earlier in December to divest its district cooling assets on Abu Dhabi’s Saadiyat Island. In late November, Aldar signed an agreement with ADQ, an Abu Dhabi holding company, to manage over AED 30 billion of capital projects. The agreement significantly increases Aldar’s fee-based third-party development management business, which is also working on government contracts to manage an upgrade of infrastructure on Saadiyat Island.

-Ends- 

For further information, please contact:
Media/IR
Obaid Alyammahi
Aldar Properties
+971 2 810 5555

Joudi Issa
Brunswick
+971 2 234 4600
ALDAR@brunswickgroup.com 

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), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. 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.

For more information on Aldar please visit www.aldar.com 

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