Aldar Properties has reached an agreement with Tourism Development and Investment Company (TDIC) to acquire a portfolio of prime real estate assets worth AED 3.7 billion, in one of the largest real estate acquisitions in the country’s history. 

The assets acquired by Aldar are in key destinations, mostly concentrated on Saadiyat Island. This includes 14 operational assets within various sectors such as hospitality, retail, residential, education and infrastructure, in addition to projects under development and a selection of prime land plots on Saadiyat Island. 

Chief Executive Officer of Aldar Properties, Talal Al Dhiyebi, commented: “Acquiring assets on Saadiyat Island presents Aldar with an unprecedented opportunity to add significant value to its portfolio. The opening of the Louvre Abu Dhabi has demonstrated the government’s commitment to making Saadiyat Island one of the most sought-after destinations in the world. We believe this landmark acquisition will further advance Abu Dhabi’s real estate sector and accelerate the development of Saadiyat Island, taking it to the next level.”

Saadiyat Island is commonly regarded as the jewel in the crown of Abu Dhabi’s real estate portfolio, and one of the most coveted in the entire Arabian Gulf. It has long stretches of prime beaches and iconic beachfront hotels, as well as high-quality beach villas and apartments, making it the destination of choice for residents and visitors to the region.

The value of Saadiyat Island was more recently reinforced by the opening last year of the Louvre Abu Dhabi, to much international acclaim. Saadiyat Island’s cultural district will be extended further through the development of the Zayed National Museum and Guggenheim Abu Dhabi in the coming years, making the growth opportunities very clear. 

The acquisition of TDIC’s operating assets will enhance Aldar’s high-quality asset management business with an additional stream of recurring revenue in line with its growth investment plan.  The acquisition of the land and projects under development will form part of Aldar’s development destination strategy. The acquisition will immediately contribute positively to the performance of both the Development and Asset Management business in 2018 and beyond. 

The acquisition is expected to fully complete by end of June 2018.

Source: Aldar Properties

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