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Aldar Properties closes 658M dirham buy of Abu Dhabi office tower

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Aldar Properties closes 658M dirham buy of Abu Dhabi office tower

Aldar Properties PJSC wrapped up the 658 million-United-Arab-Emirates-dirham acquisition of the International Tower office building in the Capital Gate district of Abu Dhabi.

The property offers 39,000 square meters of net leasable grade A commercial space. It is anchored by key tenants that include Abu Dhabi Systems & Information Centre, AECOM, Wood Group, McKinsey & Co. and BAE Systems.

The purchase boosted the size of Aldar's office portfolio by 19% to over 240,000 square meters of net leasable area.

In the same release, Aldar announced that it will include a portion of its Water's Edge residential development in its asset management portfolio. Units at the waterfront project were offered for sale at a minimum of 480,000 dirhams during the Sept. 11 Dubai edition of the Cityscape Global exhibit.

As of Dec. 20, US$1 was equivalent to 3.67 UAE dirhams.