Aldar Acquires AED 2.3 Billion Tower in DIFC
Deal News | Dec 18, 2024 | Legal Community MENA
Aldar Properties, a major real estate developer based in Abu Dhabi, has successfully acquired a commercial office and retail tower situated in the Dubai International Financial Centre (DIFC) for AED 2.3 billion. This transaction marks one of the largest commercial tower acquisitions in DIFC's history, underlining Aldar's strategy to expand its grade A commercial portfolio. The purchase was facilitated by the legal expertise of Baker McKenzie, with a team led by partner Keri Watkins. The acquisition aligns with Aldar's strategic growth plans, as they aim to have the tower operational by 2028, further bolstering their presence in the key financial district of Dubai.
Sectors
- Real Estate
- Legal Services
Geography
- United Arab Emirates – The entire transaction occurred within the United Arab Emirates, with Aldar based in Abu Dhabi and the acquired property located in the Dubai International Financial Centre.
Industry
- Real Estate – The acquisition of a commercial office and retail tower falls squarely within the Real Estate industry sector.
- Legal Services – Baker McKenzie, a law firm, provided legal advisory services for this real estate transaction.
Financials
- AED 2.3 billion – The acquisition price for the commercial office and retail tower in DIFC.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Aldar Properties | Buyer | Company | An Abu Dhabi-based real estate developer focused on expanding its portfolio in the region. |
| H&H Development | Seller | Company | The original developer of the commercial office and retail tower in DIFC, now sold to Aldar. |
| Baker McKenzie | Legal Advisor | Company | A law firm that provided legal advisory services for the acquisition deal. |