Al Maryah Tower, a prime Grade A commercial office building on Al Maryah Island, is to be purchased for Dh450 million by Aldar Properties and Mubadala Investment Company.
The property will be owned by Aldar with a stake of 60% and Mubadala with a stake of 40%.
Aldar’s four commercial towers at ADGM are next to the 25-story tower, which further strengthens the company’s expanding commercial portfolio.
The building, which will offer a mix of single and multi-tenant office space over more than 32,000 sqm of net leasable area, is expected to welcome its first tenants in 2023. The joint venture parties will also become the owners of the parking lot, which has more than 1,000 spaces and a parking ratio of 1:31 sqm, which is much higher than the municipal average.
Aldar Investment Properties will be in charge of managing the asset.
Khalifa Al Romaithi, Executive Director of the UAE Real Estate Unit at Mubadala’s UAE Investments platform, said: “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 world’s most desired places to live, work and visit. Mubadala is the master developer of Al Maryah Island, and we are confident in Aldar as the real estate champion with the right operational expertise to position ADGM and Al Maryah Island as the most desirable destination in the region for business, leisure, and entertainment.”
Jassem Saleh Busaibe, CEO at Aldar Investment, said: “The demand for Grade A office space in Abu Dhabi continues to grow and we have seen this first hand at ADGM, where occupancy has now reached almost 90 percent across the four office towers acquired earlier this year. The addition of Al Maryah Tower to our commercial portfolio allows us to meet this growing demand head-on, while also building scale and driving the efficiency of our recurring income platform.”
After recently purchasing four commercial towers from Mubadala in July 2022, the deal gives Aldar ownership over all Grade A office space at Abu Dhabi Global Market.