CBRE provides valuation for $1.2 billion real estate transaction

22 August 2022 2 min. read

Aldar Properties has acquired four commercial towers in Abu Dhabi Global Market (ADGM), with the $1.2 billion deal valuation advised on by experts from CBRE.

The deal sees Aldar Properties add four main office towers in ADGM located on Al Maryah Island, Al Sila, Al Sarab, Al Maqam and Al Khatem to its portfolio, in what is one of the UAE’s largest real estate transactions in history.

The four buildings have a total net leasable area of 180,000 square metres. Also included in the transaction are the North and South car parks (which provide the office towers with 5,000+ parking spaces) and other mixed-use space.

Aldar acquires four buildings in Abu Dhabi Global Market

Developed by Mubadala in 2013, the office towers at ADGM were the first in the UAE to achieve LEED Core and Shell Gold precertification by the US Green Building Council. The hub they are based in – Abu Dhabi Global Market – is one of the UAE’s main business and financial centers and a destination of choice for many leading businesses seeking to do business in Abu Dhabi.

Commenting on the transaction, Talal Al Dhiyebi, Chief Executive Officer at Aldar Properties, said: “The office towers at ADGM are non-replicable assets in Abu Dhabi, positioned at the epicenter of the financial district, and allow us to diversify our commercial offering and income streams.”

The deal comes shortly after Aldar Properties acquired Doubletree by Hilton in Marjan Island and an adjacent beachfront development plot for a total consideration of AED 810 million ($220 million). That transaction was advised on by CBRE, with the two continuing their client-consultant relationship during the ADGM deal. CBRE provided buy-side valuation and technical due diligence advisory services.

Speaking about the change of ownership, Ali Al Mheiri, an Executive Director at Mubadala, said: “This transaction comes at the right moment for Mubadala to realise the value of the four towers after nearly a decade of ownership. As the UAE’s largest real estate developer and asset manager, Aldar brings the right operational expertise to enhance ADGM’s burgeoning business ecosystem.”

More coming…

Going forward, Aldar Properties is already exploring its next investment,” hinted Al Dhiyebi. “We continue to be active in pursuit of capital deployment opportunities to expand our portfolio as part of our transformational growth agenda.”

CBRE is likely to be on board behind the scenes, with the firm one Aldar’s trusted advisors for real estate transactions. The professional services group, which earlier this year was named the Middle East’s leading real estate consulting firm, unsurprisingly also works for other clients as well.

Daniel McCulloch, a Senior Director at CBRE, said: “We’re currently advising local clients on expansion in the UAE, and overseas clients regarding entry into market.”