Abu Dhabi developer, Aldar Properties, has completed the acquisition of International Tower, a high-quality office tower located in Capital Gate district in the capital, for AED658mn.
International Tower comprises 39,000sqm NLA of Grade A commercial space and will immediately contribute to Aldars net operating income supported by a strong mix of existing tenants and robust occupancy.
The asset will complement Aldars existing AED18bn asset management portfolio of high-quality real estate assets across the retail, residential, office, and hospitality sectors and further supports Aldars asset management strategy to grow net operating income.
The Capital Gate district is home to a vibrant combination of private and public sector organisations, as well as a range of hospitality outlets and the Abu Dhabi National Exhibition Centre. International Tower is located at the heart of this premier business hub, so is well positioned to attract a high-quality mix of tenants. Key anchor tenants include Abu Dhabi Systems & Information Centre (ADSIC), AECOM, Wood Group, McKinsey & Company, and BAE Systems.
Commenting on the acquisition, Talal Al Dhiyebi, chief executive officer of Aldar Properties, said: The acquisition of International Tower clearly demonstrates our belief in the strength of Abu Dhabis commercial real estate market. With a strong mix of existing tenants, this grade A office tower will make an immediate contribution to net operating income, in line with our strategy to grow recurring income from our portfolio of high-quality assets. Supported by our strong balance sheet, we will continue to assess the market for opportunities that will further drive growth of our portfolio.
In addition to the acquisition of International Tower, Aldar also recently announced it will retain a proportion of the Waters Edge residential development for its asset management portfolio.