Abu Dhabi - Mubasher: Aldar Properties has signed an agreement with Tourism Development and Investment Company (TDIC) to acquire AED 3.7 billion ($1.01 billion) asset portfolio.
The acquired assets are located in key destinations including Saadiyat Island, which comprises 14 operating assets in many sectors varied between hospitality, retail, residential, and education, according to a company statement released on Monday.
“Acquiring assets on Saadiyat Island presents Aldar with an unprecedented opportunity to add significant value to its portfolio,” Aldar Properties’ CEO Talal Al Dhiyebi commented.
The new assets also incorporate Eastern Mangroves complex, Saadiyat Island district cooling assets, Cranleigh School Abu Dhabi, and Westin Golf & Spa, the Abu Dhabi-listed developer revealed.
“This is a very exciting time for the market, and as its leading player, we are well placed to take advantage, with the injection of these new assets representing a strong addition to our impressive portfolio,” Al Dhiyebi said.
Subject to fulfillment of certain conditions, the transaction will be fully completed by end of June 2018.
