Aldar Properties and Mubadala Investment Company will pay Dh450 million for Al Maryah Tower, a premium Grade A commercial office skyscraper on Al Maryah Island.
Aldar will own 60% of the property, and Mubadala will possess the remaining 40%.
The 25-story tower is next to Aldar’s four commercial buildings at ADGM, which boosts the company’s growing commercial portfolio.
The first tenants of the project, which will have more than 32,000 sqm of net leasable area and a mix of single and multi-tenant office space, are anticipated to move in in 2023. Additionally, the joint venture partners will take ownership of the parking lot, which has more than 1,000 spaces and a parking ratio of 1:31 sqm, significantly higher than the municipal average.
Aldar Investment Properties will be in charge of managing the asset.
“This acquisition builds upon Mubadala’s history and steadfast commitment to the growth and advancement of Abu Dhabi’s real estate market, and the city’s transformation into one of the most sought-after places to live, work, and visit,” said Khalifa Al Romaithi, Executive Director of the UAE Real Estate Unit at Mubadala’s UAE Investments platform. Aldar is the real estate champion with the necessary operational knowledge to position ADGM and Al Maryah Island as the most sought-after location in the area for business, leisure, and entertainment. Mubadala is the master developer of Al Maryah Island.
“The demand for Grade A office space in Abu Dhabi continues to increase, and we have experienced this firsthand at ADGM, where occupancy has now reached almost 90% across the four office towers bought earlier this year,” said Jassem Saleh Busaibe, CEO of Aldar Investment. Al Maryah Tower’s inclusion in our commercial portfolio enables us to effectively address this expanding need while also gaining scale and enhancing the effectiveness of our platform for recurring income.
In July 2022, Aldar will acquire four commercial towers from Mubadala, granting it ownership of all Grade A office space at Abu Dhabi Global Market.
