Tall & Urban News

Aldar Properties has signed an agreement with Mubadala Investment Company to acquire four prime Grade A commercial towers in Abu Dhabi Global Market (ADGM), the international financial center in Abu Dhabi, located on Al Maryah Island. The transaction includes the four main towers in ADGM located on Al Maryah Island — Al Sila, Al Sarab, Al Maqam, and Al Khatem. The real estate development, managment and investment company will also take ownership of the North and South car parks, which serve the office towers, and other mixed-use spaces.

The assets will be held by Aldar Investment Properties, the region’s largest institutional-class real estate platform and are valued at US$1.2 billion, representing one of the largest real estate transactions in the UAE.

Originally developed by Mubadala in 2013, the Grade A office towers at ADGM have a ventilated double-skin façade, PV panels, external shades, occupancy sensor lighting and more.

For more on this story, go to Construction Week.