Aldar Investments, one of the subsidiaries of Aldar Properties, the leading UAE-based property developer, has announced its acquisition of three of Etihad Airways’ buildings, Etihad Plaza, Etihad Airways Centre, and Etihad Airways HQ, with the deal’s estimated value being around $327m.
According to the deal, which is planned to be completed within the second quarter of 2019, Aldar investments will fully acquire the three buildings which have been previously jointly owned by both Aldar Properties and Etihad Airways.
Through this acquisition, Aldar Properties will make new contributions to its own portfolio that comprise 789 residential units, 11,000 square meters of net leasable area of retail space and 17940 square meters of net leasable area of office space. The new additions to the UAE-based developer are expected to increase its net operating income by more than $27m.
In the same time, Aldar Properties has announced appointing Jassem Saleh Busaibe, the current chief investment office of Aldar Properties, as the new CEO of Aldar Investments.
It is worth mentioning that aldar investments, which was launched less than 6 months ago in September 2018, is not the most recent business venture of Aldar Properties. On February 25, 2019,Aldar Properties also announced Provis, a new subsidiary which will be providing full-stack real estate management and consultancy services.
As for its latest developments, last January, Aldar unveiled Alreeman project, a new $544m mixed-use master development situated in Alshamkha area in Abu Dhabi.