ALDAR INVESTMENTS SELLS AL MURJAN TOWER FOR AED 289 MILLION
Aldar Investments monetises mature recurring revenue asset to unlock and recycle capital
Further evidence of strength and liquidity in Abu Dhabi real estate market
Abu Dhabi, 19 March 2019: Aldar Investments is pleased to announce that it has completed the sale of Al Murjan, a residential tower in Abu Dhabi for AED 289 million.
The sale represents Aldar Investments' second transaction since its creation in September 2018, following the Etihad real estate acquisitions announced in February. Aldar Investments is a wholly-owned subsidiary of Aldar Properties PJSC ("Aldar") and is the region's largest diversified real estate investment company, with assets worth almost AED 20 billion.
Al Murjan is being sold with an implied yield of 6.6 per cent, which is testament to the quality of the asset and its sustained operational performance under Aldar's leading asset management platform.
Al Murjan is predominantly a residential tower, which also offers office and retail space. Located in Danet, Abu Dhabi, between Airport Road and Muroor Road, it provides easy access to Abu Dhabi city centre and the E11 Sheikh Zayed Road. The plot sits within a master-planned development that offers landscaped gardens and boulevards as well as cafes, restaurants and a mall.
The building comprises 252 residential units across 23 floors, with a mix of studios, one, two and three bedroom units. It has 1,022 sqm of ground floor retail within 10 units, and 1,481 sqm of office space across 8 units. The plot includes a swimming pool, three levels of basement car parking and outdoor recreational facilities.
Jassem Busaibe, Chief Executive Officer of Aldar Investments, commented: "This landmark deal follows on from our acquisition last month of Etihad Plaza and Etihad Airways Centre. We saw significant investor interest in Al Murjan, which is further evidence of the strength, resilience and liquidity in the Abu Dhabi real estate market. It is also an excellent example of our strategy to realise value by monetising existing, mature recurring revenue assets, with a proven track record to unlock and recycle capital. With this in mind, we are actively looking for opportunities to reinvest the proceeds."