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Aldar Properties and Mubadala have announced the purchase of a Grade A office tower in the ADGM of Al Maryah Tower
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Amidst the growing demand for offices in the capital, Aldar Properties PJSC and Mubadala Investment Company PJSC have collaborated to acquire an upscale commercial property on the sought-after Al Maryah Island. Priced at AED 450M (USD 122.5M), the 25-storey Grade A office tower is located in close proximity to Aldar Properties’ 4 commercial buildings in the Abu Dhabi Global Market (ADGM).
The transaction further reinforces the partnership between the 2 real estate giants, as they strive to promote the thriving business ecosystem of the ADGM. Additionally, the purchase clearly illustrates the collaborative approach of Mubadala Investment Company PJSC to enhance the growth of the emirate’s property market, and gives Aldar full control of all Grade A office space in the ADGM.
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Aldar Properties PJSC will have 60% ownership of the newly purchased building, while 40% will belong to Mubadala Investment Company PJSC. The development will be managed by Aldar Investment Properties LLC, and, as a result, the Net Leasable Area (NLA) totals to over 21.5 million sq. ft across its portfolio.
Al Maryah Tower is set to open its doors to the first tenants next year (2023), providing a mix of single and multi-tenant office space across 344,445 sq. ft of NLA. It is worth noting that Aldar Properties PJSC and Mubadala Investment Company PJSC will take ownership of the car park, which will have over 1,000 spaces. That being said, the parking ratio here is much higher than the municipal average, which is a highly competitive advantage of the tower compared to the rest of Grade A office real estate in the UAE capital.
According to Jassem Saleh Busaibe, CEO at Aldar Investment, the demand for Grade A office space in the emirate continues to increase. This surge is confirmed by almost 90% occupancy across the 4 office buildings purchased earlier in 2022.
Aldar Properties PJSC has recently announced its collaboration with one of the premier luxury lifestyle brands in the world; Nobu Hospitality, to bring the world’s second and the Middle East’s first Nobu Residences to Abu Dhabi. The upcoming grand development will also house restaurants, a hotel with a beach club, MICE spaces and other exciting offerings.
