Global law firm Clyde & Co has advised Aldar Properties PJSC (“Aldar”) on its USD 1.17 billion acquisition of four prime Grade A commercial towers in the Abu Dhabi Global Market (“ADGM”) from Mubadala Investment Company.
The acquisition represents one of the largest real estate transactions in the UAE.
The towers are located on Al Maryah Island (Al Sila, Al Sarab, Al Maqam and Al Khatem) with a total net leasable area of 180,000 sqm. Aldar will also take ownership of the North and South car parks, which serve the office towers and other mixed-use space.
Clyde & Co acted as lead counsel to Aldar. The deal team consisted of Partners Ross Barfoot (corporate) and Alexis Waller (real estate), Legal Director Janeen Pickering (real estate) and Senior Associate Matthew Gearing (corporate).
Alexis comments: "We are excited to be supporting our long-standing client, Aldar on their expansion and growth strategy. This is a significant transaction for Aldar – further diversifying their investment property portfolio through expanding their commercial assets.”
Ross comments: “We are delighted to have worked alongside the in-house team of Aldar on this strategic landmark transaction. We look forward to continuing to support Aldar on their growth strategy.”
Clyde & Co has top tier corporate/M&A and real estate teams in the Middle East. The firm has the largest presence and is one of most experienced international law firms in the region with over 40 partners and 300 staff, based full time in Abu Dhabi and Dubai in the UAE, Doha in Qatar, and Riyadh in Saudi Arabia. The firm supports international and local organisations throughout the wider region with a full-service offering of local specialists across most business sectors and services of law, including commercial, commercial disputes, corporate, cyber risk, data protection & privacy, employment & immigration, finance, global recoveries, insolvency & reorganisation, intellectual property, international arbitration, projects & construction, real estate, regulatory & investigations, and technology, outsourcing & data.