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Aldar Investments sells Al Murjan Tower in a $78m deal

UAE - March 20, 2019

Aldar Investments, one of the subsidiaries of Aldar Properties, the leading UAE-based real estate group, has revealed the completion of the sale deal of Al Murjan, one of its mixed-use projects in Abu Dhabi for the value of $78.6m.

Launched by Aldar Properties in September 2018, Aldar Investments has completed its first deal ever last February when it has acquired the Etihad Airways buildings in a major $327m transaction. The sale of Al Murjan tower comes as its second transaction.

Situated in Danet area in Abu Dhabi, Al Murjan is mostly a residential building but it also houses office and commercial spaces. The tower consists of  23 stories that include a total 252 apartments that include studio, one-, two-, and three-bedroom apartments.

In addition to the residential units, Al Murjan also features retail space that spans 1,022 square meters divided upon 10 units as well as 8 office units that span a total of 1,480 square meters.

Also, the tower houses multiple upscale facilities that include a swimming pool and car park that comprises three basement levels.

In his comment on sealing the sale deal, Jassem Busaibe, the CEO of Aldar Investments explained that the new deal builds on the company’s acquisition of Etihad Airways buildings last month, adding that the sale reflects Aldar’s well-executed strategy to sell the projects which have developed themselves a successful track record to recycle its capital.

It is worth mentioning that Aldar Investments is not the latest unit to be launched by Aldar Properties. Last month, the group has revealed Provis, a new subsidiary which will focus on providing integrated real estate solutions.

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