Aldar, Mubadala to develop AED 30 bn Abu Dhabi-based assets: Abu Dhabi real estate developer Aldar Properties and wealth fund Mubadala are partnering to establish four joint ventures geared at developing and managing real estate assets — including prime residential, commercial, retail, and logistics assets — in Abu Dhabi, according to an ADX disclosure (pdf). The projects are worth a total of AED 30 bn.

Partnership breakdown: Aldar will take a controlling 60% stake in the ventures, while Mubadala will hold the remaining 40%.

The ventures include…

  • A new AED 9 bn retail platform consolidating Abu Dhabi’s primary shopping destinations, including Yas Mall and The Galleria Luxury Collection;
  • A JV for AED 3 bn worth of commercial and residential properties in Masdar City, housing over 400k sqm of leasable area with 95% occupancy;
  • A JV to develop luxury waterfront communities on two islands near Saadiyat and Yas Islands, with a gross development value of AED 13 bn;
  • A partnership to develop a AED 5 bn logistics park in Al Falah, near Zayed International Airport, with 1.2 mn sqm of industrial space.

Aldar and Mubadala have history: Aldar previously acquired four Abu Dhabi Global Market towers from Mubadala for AED 4.3 bn back in 2022. At the end of the same year, Aldar and Mubala partnered to purchase the 25-storey Al Maryah Tower, a prime Grade A commercial office property in Al Maryah Island, for AED 450 mn. In December 2023, the two sides partnered alongside Ares Management to set up a USD 1 bn private real estate fund to purchase real estate in the UK and Europe, with the funds set to be invested over the next three to five years.

Aldar has big expansion plans: The developer lined up AED 1 bn (USD 272 mn) earlier in January to expand its logistics operations in both Abu Dhabi and Dubai, which included an acquisition of its first logistics zone in Dubai and plans to set up new logistics facilities. It later committed AED 1.8 bn to ramp up its portfolio in Dubai, focusing on key business districts.

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