Abu Dhabi – Mubasher: Aldar Properties on Wednesday has unveiled it created the region’s largest diversified real estate investment company with over AED 20 billion ($5.4 billion) in assets.
The new investment unit, Aldar Investment Properties LLC, aims to manage greater operational and capital efficiencies to unlock value for shareholders and create the foundation for a new phase of accelerated growth, Aldar said in a statement.
The 100% owned subsidiary of Aldar will feature attractive revenue-generating real estate assets, including more than 5,000 residential units and over 500,000 square-metres of prime retail and commercial space, including Yas Mall, Aldar HQ, and the Gate Towers & Arc.
Aldar Investments has been rated by Moody’s at BAA1, one notch above Aldar, which will enable it to access capital on more favourable terms independently of Aldar and allow it to issue a new sukuk in the near future.
“Aldar Investments allows us to accelerate growth opportunities and unlock value for shareholders,” chairman of Aldar Properties Mohamed Khalifa Al Mubarak commented.
“As the owner of AED 20 billion of prime real estate assets, Aldar Investments provides an opportunity for investors to benefit from Abu Dhabi’s AA-rated economy,” Al Mubarak said.
Earlier this week, Abu Dhabi Crown Prince and deputy Supreme Commander of the UAE's Armed Forces Mohamed Bin Zayed Al Nahyan issued a decree stipulating that Aldar-owned companies would be entitled to directly and indirectly acquiring real estates at no less than 50% of capital. The right excludes firms set up as real estate investment portfolios.
Aldar Investment has been established in line with Abu Dhabi’s government plan to boost the emirate’s economy through a recently announced $13.6 billion (AED 50 billion) stimulus package.
