The acquisition cements Aldar’s position as the sole UAE real estate developer with assets in Abu Dhabi’s ADGM and Dubai’s DIFC
December 06, 2024 | Staff Reporter | UAE | Developers
Aldar Properties has announced its acquisition of a flagship commercial tower in Dubai International Financial Centre (DIFC) for AED 2.3 billion ($626.2 million). This landmark transaction positions Aldar as the only UAE real estate developer with commercial assets in both Abu Dhabi Global Market (ADGM) and DIFC, the nation’s premier financial districts.
The 40-floor tower, set for completion in 2028, will feature state-of-the-art commercial and retail spaces designed to cater to the growing demand for high-quality office facilities in Dubai. Located in a prime area of DIFC, the development offers unparalleled connectivity, with direct access to Sheikh Zayed Road and proximity to world-class dining, retail, and leisure amenities.
Talal Al Dhiyebi, Group CEO of Aldar, emphasized the strategic importance of this acquisition. “Expanding into Dubai’s DIFC marks a significant milestone in our growth, providing Aldar with key exposure to the emirate’s financial centre. This acquisition not only diversifies our commercial portfolio but also responds to the sustained demand for high-quality office spaces, driven by a favorable macroeconomic backdrop and the UAE’s position as a global business hub,” he said.
The tower, designed by the renowned architectural firm Herzog & de Meuron, is targeting LEED Platinum certification, underscoring Aldar and the seller H&H Development’s shared commitment to sustainable and innovative building practices. The project’s flexible floorplates will accommodate diverse leasing needs, offering both multi-tenanted and single-tenanted options.
H&H Development, a prominent name in DIFC’s real estate market and the original owner of the tower, expressed confidence in the collaboration. “H&H Development is proud to collaborate with Aldar on this landmark project, which exemplifies our shared commitment to excellence, innovation, and delivering transformative developments that shape the future of the real estate market,” said Shahab Lutfi, Chairman of H&H Development.
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With DIFC witnessing a 15% year-on-year increase in grade A rental demand driven by regional and international firms, Aldar’s acquisition aims to address the need for premium commercial spaces in the global financial hub. This move complements Aldar’s growing presence in Dubai, including its acquisition of 6 Falak, a Sheikh Zayed Road development, and a mixed-use joint venture at Expo City Dubai. Once completed, the DIFC tower will stand as a flagship asset in Aldar’s portfolio, reflecting the company’s vision of driving growth through high-quality, sustainable developments in key markets.