Wednesday 09, May 2018 by Jessica Combes

Clifford Chance advising Aldar Properties on AED 3.7 billion real estate acquisition

 

It is one of the largest ever real estate M&A deals in the Middle East. 

Clifford Chance is advising Aldar Properties PJSC (Aldar Properties), a leading listed property development, investment and management company based in Abu Dhabi, on its acquisition of a portfolio of real estate assets from Tourism Development and Investment Company PJSC (TDIC) worth AED 3.7 billion; one of the largest real estate acquisitions in the history of the Middle East. 

The assets comprise strategic land plots and projects under development, along with a range of operational assets in the hospitality, retail, residential, education and infrastructure sectors, all in Abu Dhabi with a focus on Saadiyat Island. 

Saadiyat Island is a mixed-use commercial, residential and leisure master community and is anticipated to become Abu Dhabi's cultural centre. 

"This transaction was unique not only in terms of its size, but also its complexity, given the wide variety of assets in the portfolio, each at different stages of development. We are very pleased to have supported Aldar on what is undoubtedly a strategically important transaction both for the company and for the Abu Dhabi real estate market as a whole,” said Tariq Imam, Clifford Chance's Head of Real Estate in the Middle East. 

The Clifford Chance team was led by Corporate Partner, Mohammed Al-Shukairy and Head of Real Estate, Middle East, Tariq Imam. The team was supported by Gareth Dray and Charlotte Monk (Corporate, Dubai), Janeen Pickering and Nicola Birman (Real Estate, Dubai) and Tim Steadman and Katie Joukadjian (Construction, Abu Dhabi).

  

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