The Government of Abu Dhabi and Aldar Properties have agreed an exchange of land assets in a transaction that redistributes developable land resources in line with the parties’ strategic priorities.
The transaction, which will be implemented from this month, involves the exchange of land in the emirate, with no transfer of funds required.
Aldar will receive infrastructure enabled land that has a gross floor area (GFA) of approximately three million sqm split equally between the prime areas of Saadiyat Cultural District and Mina Zayed. The Government of Abu Dhabi will receive lands with a comparable GFA in Al Raha Beach West, Lulu Island along with certain plots inside Abu Dhabi island that were not part of Aldar’s development strategy in the foreseeable future.
Aldar CEO Talal Al Dhiyebi said: “This strategic land swap is a win-win deal for both parties. Aldar Properties will receive infrastructure-enabled land with high potential for development in the coming years, as we consolidate our development focus on our key destinations, in particular Saadiyat Island. Meanwhile, the Government of Abu Dhabi receives assets that match its long-term strategic objectives. This adds to the careful planning and management of real estate supply, which is key to sustainable development of the market as Abu Dhabi continues to build a vibrant and diversified and sustainable economy.”
Aldar operates as a developer and a major owner and manager of income-generating investment properties in Abu Dhabi. The company owns prime land in the emirate, including on Saadiyat Island, which is developing into a global lifestyle destination of pristine beaches and cultural institutions such as the Louvre Abu Dhabi.
© Pakistan Press International, source Asianet-Pakistan