Global real estate advisor CBRE said it had provided valuation advice to Emirati developer Aldar Properties on the purchase of four commercial office towers and associated car parks in Abu Dhabi Global Market (ADGM) on Al Maryah Island for $1.2 billion, said to be 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 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, said: "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," he noted.
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.-TradeArabia News Service