UAE-based investment holding company Alpha Dhabi Holding has increased its stake in UAE’s real estate agency Aldar Properties, becoming the single largest shareholder, and Aldar’s parent company.
Through this latest additional stake, Alpha Dhabi has raised its shareholding of Aldar, to complement its existing majority representation on Aldar’s Board of Directors.
Accordingly, Aldar will be treated as a subsidiary in Alpha Dhabi’s consolidated financial statements, the impact of which will be reflected in its financial results for Q2 2022 onwards.
The additional shareholding came through the acquisition by Alpha Dhabi of an entity already holding shares in Aldar, which comes after necessary regulatory approvals.
In April last year, Alpha Dhabi bought a 12.8 percent stake in Aldar Properties from Mubadala Investment Company for 3.5 billion dirhams ($953 million), with Mubadala remaining a long-term strategic investor in the company with a 25 percent stake.
In January, Alpha Dhabi bought an additional 17 percent stake in the developer, increasing the size of its stake to 29.8 percent.
Aldar continues to deliver strong financial performance and shareholder returns, driven by its maturing Abu Dhabi business and its diversified asset base.
The company recorded its highest-ever annual development sales in 2021, doubling from the previous year’s sales, and has expanded its land bank in the UAE.
Moreover, Aldar is attracting investment from global leaders like Apollo, which recently invested $1.4 billion of strategic growth capital through monetization of Aldar’s long-term land bank and equity investments into its flagship investment properties platform.
