Aldar makes its Sharjah debut, moves from Adia and Mubadala, GFH sells another US asset, and JustAd secures USD 5 mn

Aldar makes its Sharjah debut

Aldar signed a AED 1.1 bn forward purchase agreement with Arada for more than 1.1k residential units in Arada’s Aljada master community, marking its debut in Sharjah, according to a statement (pdf). The units sit across nine buildings in three residential blocks and are due for handover in 4Q 2029. They will go into Aldar’s residential-for-rent portfolio, which takes its develop-to-hold pipeline to AED 21 bn. Aldar says the buildings will target end-users and long-term renters looking for housing at “accessible price points.”

The partnership now runs both ways: The agreement comes two weeks after the pair signed a AED 15 bn partnership that gave Arada its first development foothold in Abu Dhabi. Under that agreement, Arada will co-develop a villa and townhouse community at Seih Sdeirah on the Abu Dhabi-Dubai border and is buying three residential plots on Yas Island from Aldar. Both companies called that agreement a “first phase” and said they would look for more work together across emirates and asset classes.

About Aljada: Aljada is a 2.2 mn sqm community planned to hold around 25k units at full build-out, with an expected gross sales value of AED 35 bn. Arada has handed over more than 8.8k units there since 2021.

Adia drops another anchor in India

Abu Dhabi Investment Authority (Adia) is among the anchor investors in Indian industrial equipment maker Bonfiglioli Transmissions’ INR 25.34 bn (c. USD 286 mn) IPO, which opens for subscription today, according to a bourse filing (pdf). Adia took roughly 255k shares worth INR 149.5 mn (c. USD 1.7 mn) through its Monsoon vehicle — or around 1.97% of the anchor book. The company raised INR 7.59 bn from anchor investors, including BlackRock, Goldman Sachs Asset Management, and Canada’s PSP Investments, allotting nearly 13 mn shares at INR 586 apiece, the top of its price band.

What’s Bonfiglioli? The Indian arm of Italy’s Bonfiglioli Group manufactures gearboxes, motors, and drive systems used in industrial automation, heavy equipment, and wind energy. The IPO is an offer for sale by its Italian parent, meaning all proceeds go to the selling shareholder rather than funding the company’s expansion. Subscriptions close on 19 October, with shares expected to list on the NSE and the BSE on 23 October.

Adia is keeping its India options open: Adia has backed several Indian IPOs and is reportedly considering another anchor investment in manufacturing platform Zetwerk, even as it trims its stake in eyewear retailer Lenskart.

GFH makes another US sale

GFH Partners sells its Michelin warehouse to Michelin for USD 151 mn: GFH Partners sold a 2 mn sq ft distribution facility in Wilmington, Illinois and an adjacent land parcel to the property’s tenant, Michelin North America, for USD 151 mn, according to a statement (pdf). GFH Financial Group’s DIFC-based real estate arm bought the asset with US partner Silver Creek Development in February 2021 for more than USD 135 mn. The sale closed on 6 October. GFH says returns were in line with the fund’s targets but did not give exact figures.

It’s GFH’s second US exit in three months: In July, GFH sold a USD 130 mn portfolio of US logistics and industrial assets. The Michelin agreement is its fourth exit from its US industrial and logistics book. The firm is still buying, though. It says it is deploying capital through a US transportation logistics platform that targets truck terminals, alongside fleet and container yards, building on the USD 300 mn logistics and industrial fund it closed in 2024.

It’s a wrap for Mubadala Capital’s USD 6.2 bn billboard takeover

Mubadala Capital completed its USD 6.2 bn acquisition of US billboard operator Clear Channel Outdoor Holdings, after landing regulatory and shareholder approvals, according to a company statement. The transaction takes Clear Channel private, with its shares set to be delisted from the New York Stock Exchange (NYSE).

REMEMBER- Mubadala Capital agreed to acquire the company alongside US investment firm TWG Global in February, offering shareholders USD 2.43 apiece at a 71% premium to the unaffected share price. The agreement secured its final regulatory approval last week.

There’s a changing of the guard too: Former TelevisaUnivision chief executive Wade Davis (LinkedIn) is taking over as CEO alongside his role as executive chairman, replacing Scott Wells (LinkedIn), who will stay on as an advisor. Former Paramount advertising chief John Halley (LinkedIn) is also coming aboard as chief commercial officer.

More advertising news from JustAd

Homegrown adtech platform JustAd raised USD 5 mn to expand into new markets beyond the MENA region, it said in a press release. Funding came from Dubai-based angel investor Imad Jomaa (LinkedIn), and the firm is targeting early 2027 to onboard new clients to its AI-powered marketing platform. The tool offers businesses a single interface to launch and manage their digital advertising campaigns on platforms like Google Ads, Meta, TikTok, and Snapchat.