Aldar Properties, a leading UAE-based real estate developer, said it has completed the acquisition of International Tower, a high-quality office building located in Capital Gate district of Abu Dhabi, for Dh658 million ($179 million).

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.

Located at the heart of this premier business hub, International Tower 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.
 
The prime office tower, which boasts 39,000 sq m of NLA (net lettable area) of Grade A commercial space, will immediately contribute to Aldar’s net operating income supported by a strong mix of existing tenants and robust occupancy.

The acquisition of International Tower will complement Aldar’s existing Dh18-billion ($4.9 billion) asset management portfolio of quality real estate assets across the retail, residential, office and hospitality sectors and further back the group's asset management strategy to grow net operating income.

Commenting on the deal, CEO Talal Al Dhiyebi said: "This clearly demonstrates our belief in the strength of Abu Dhabi’s 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," he added.

In addition to the acquisition of International Tower, Aldar also recently announced it will retain a proportion of the Water’s Edge residential development for its asset management portfolio, said a statement from Aldar.

These announcements demonstrate Aldar’s ambition to further invest in developing a world class, high-quality asset management portfolio, it added.-TradeArabia News Service