The leading UAE listed property developer purchased a 100% stake in Saadiyat District Cooling LLC (SDCL) and an 85% stake in Saadiyat Cooling LLC (SCL) as part of a wider acquisition of assets from Tourism Development and Investment Company (TDIC) in 2018, which Clifford Chance also advised Aldar Properties on. SDCL and SDL provide district cooling services to Saadiyat Island, a rapidly developing cultural and tourism hub housing the Louvre Abu Dhabi, New York University Abu Dhabi (NYUAD) and arts centre Manarat Al Saadiyat and are set to be the first district cooling schemes to be licenced by the Abu Dhabi Department of Energy under the new District Cooling Regulations issued in 2019.
The transaction is expected to complete in the first quarter of 2021. Proceeds from the sale are expected to be used to finance further growth of Aldar’s diversified real estate portfolio.
The Clifford Chance team was led by partner Tariq Imam and senior associate Gareth Dray, and also included partners Mo Al-Shukairy and Richard Parris, senior associates Richard Cameron and Isabella Van Zyl, associates Daryl Teo and Rezwan Azam, trainee solicitor Ahmed Shafiek, and legal project manager David Harris.
Tariq Imam commented: "We are honoured to have supported Aldar Properties on another strategic transaction, this time in the utilities sector. This was a complex and multi-faceted transaction for which Clifford Chance leveraged its market leading M&A, real estate, projects and legal management expertise in order to help achieve signing expeditiously."
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- Clifford Chance is one of the world's pre-eminent law firms with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, we pride ourselves on our approachable, collegiate and team based way of working. We always strive to exceed the expectations of our clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not for profit organisations. We provide them with the highest quality advice and legal insight, which combines the firm's global standards with in-depth local expertise.
- Clifford Chance received more 'Band 1' rankings than any other firm in the Chambers Global 2020 edition. This independent analysis focuses on firms' legal ability, professional conduct, client service, and commercial awareness, and these rankings provide outstanding recognition for the firm's breadth of expertise and consistency of quality across global markets.
© Press Release 2021
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