Global real estate advisor CBRE provided valuation advice to Aldar Properties PJSC on the purchase of four commercial office towers and associated car parks in Abu Dhabi Global Market (ADGM) on Al Maryah Island for approx. USD 1.2 billion (AED 4.3 billion), one of the largest real estate transactions in the UAE.
ADGM Square is a landmark development located in Abu Dhabi, and is home to some of the world’s leading financial, legal, and technology firms. The development consists four prime Grade-A commercial towers with approximately 180,000 sq m of leasable area and two associated car parks, with spaces available for over 5,000 vehicles.
Daniel McCulloch, Head of Valuation at CBRE Middle East, comments: “Aldar’s pipeline of in-country real estate investment deals is providing solid yield evidence for prime assets across multiple sectors. With the backing of international capital, this brings increased transparency to the UAE real estate market, where historically deals have been made behind closed doors. Both Abu Dhabi and Dubai continued to climb in global real estate transparency indices this year and were noted as top global improvers. CBRE is currently advising local and overseas clients regarding entry to the UAE market and with transparency comes an enhancement in valuation accuracy; this further strengthens the overall investment business case.”
Over the last year, CBRE has worked closely with Aldar on a number of key transactions to expand its income generating portfolio, including Al Hamra Mall, Abu Dhabi Business Hub, Nurai Island, The Rixos Bab al Bahr Hotel – Marjan Island and The DoubleTree by Hilton Resort – Marjan Island.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
