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FinancialNews


  • 21-12-17

    UAE: International Tower purchased by Aldar Properties for $179m

    (MENAFN) It was declared Wednesday that Aldar Properties concluded its $179.1 million purchase of International Tower located in Abu Dhabi's Capital Gate district.

    In a statement, the developed announced that International Tower covers 39,000 sq m of Grade A commercial space. It's said to instantly contribute to the net operating profits of Aldar.

    Aldar Properties CEO Talal Al Dhiyebi stated "the acquisition of International Tower clearly demonstrates our belief in the strength of Abu Dhabi's commercial real estate market."

    The CEO continued "with a strong mix of existing tenants, this grade A office tower will make an immediate contribution to net operating income, in line with our strategy to grow recurring income from our portfolio of high-quality assets. Supported by our strong balance sheet, we will continue to assess the market for opportunities that will further drive growth of our portfolio."

    MENAFN2112201700450000ID1096258359

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