Dh3.7 billion Aldar acquisition of TDIC property assets
ABU DHABI 9 May 2018: Clifford Chance is advising Abu Dhabi’s Aldar Properties on its acquisition of a portfolio of real estate assets from Tourism Development and Investment Company (TDIC) worth Dh3.7 billion.
It is one of the largest real estate acquisitions in the history of the Middle East, it said.
The assets comprise strategic land plots and projects under development, along with a range of operational assets in the hospitality, retail, residential, education and infrastructure sectors, all in Abu Dhabi with a focus on Saadiyat Island.
Saadiyat Island is a mixed-use commercial, residential and leisure master community and is anticipated to become Abu Dhabi’s cultural centre.
Brett Scrymgeour, General Counsel, Aldar Properties, commented “This was a highly significant transaction for both Aldar and the Abu Dhabi real estate market. Because of this, and also due to the stakeholders involved, it was important for us to work with best in class advisors and partners who share our commitment to excellence, and the team at Clifford Chance exemplified this.”
Mohammed Al-Shukairy, M&A partner leading the Clifford Chance team commented “We are delighted to have played a part in assisting Aldar Properties on this landmark acquisition. Clifford Chance leveraged its market leading M&A, real estate, construction and finance practices to ensure Aldar Properties was able to move expeditiously. This exciting transaction will no doubt support the continued development of Abu Dhabi.”
Tariq Imam, Clifford Chance’s Head of Real Estate in the Middle East observed: “This transaction was unique not only in terms of its size, but also its complexity, given the wide variety of assets in the portfolio, each at different stages of development. We are very pleased to have supported Aldar on what is undoubtedly a strategically important transaction both for the company and for the Abu Dhabi real estate market as a whole.”