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Aldar Investment sells Al Murjan Tower in Abu Dhabi for $79m

The 23-storey residential tower in the UAE capital's Danet area includes 252 homes, and 18 retail and commercial spaces

Al Murjan Tower is a 23-storey building.
© Aldar Properties
Al Murjan Tower is a 23-storey building.

Abu Dhabi-based Aldar Properties has completed the sale of residential development Al Murjan Tower for $78.8m (AED289m) through its newly-formed investment arm.

Located in Danet, Abu Dhabi, Al Murjan Tower has been sold with an implied yield of 6.6%. The 23-floor building comprises 252 studios, plus one-, two-, and three-bedroom homes.

The ground floor of the building is dedicated to retail spaces with 10 units, and 1,481m2 of the tower's area has been allocated for eight office units. The property also includes a swimming pool, three levels of basement parking, and outdoor recreational facilities. 

The sale comes weeks after Aldar Investment entered an agreement with Etihad Airways to acquire some of the aviation company's buildings in a $326.7m (AED1.2bn) deal this February.

A subsidiary of Aldar Properties, Aldar Investment was founded in September 2018, and has assets worth $5.4bn (AED20bn).

Commenting the sale, Jassem Busaibe, chief executive officer of Aldar Investment, said: “We saw significant investor interest in Al Murjan, which is further evidence of the strength, resilience, and liquidity in the Abu Dhabi real estate market.”

Aldar Properties’s revenues grew by 2% to $1.7bn (AED6.3bn) in 2018, and the developer recorded profits of $707.8m (AED2.6bn) during the year. 

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Construction Week - Issue 738
Apr 21, 2019