Aldar Properties, the leading Abu Dhabi-based real estate developer, has announced its acquisition of $1bn of real estate assets from Tourism Development and Investment Company (TDIC), the tourism asset management and development branch of Abu Dhabi’s Tourism and Culture Authority.
The acquired properties, which comprise under-construction projects that have a total value of $680m in addition to a serviced land that spans around 1.1 million square meters on Saadiyat Island. The projects are expected to increase the developer’s net income by around $32.7m annually, and the acquisition of the properties is supposed to be completed by the end of the next June.
In his comment on the acquisition announcement, Talal Al Dhiyebi, CEO of Aldar Properties explained that acquiring properties on Saadiyat Island will contribute a significant value to the portfolio of Aldar Properties. Al Dhiyebi added that Saadiyat Island became one of the top attractions in the world after the opening of the Louvre Abu Dhabi.
It is worth mentioning that Aldar Properties has recently launched Alghadeer, a $2.72bn mega project that is situated near the border of Abu Dhabi with Dubai which comprises more than 14400 residential units on an area that spans 1.3 million square meters.