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Abu Dhabi’s Aldar Sells Residential Tower To MAG F5 Holdings

Abu Dhabi’s Aldar Sells Residential Tower To MAG F5 Holdings

The tower, located in Marina Square on Reem Island, comprises 202 units that are ready for handover.

Abu Dhabi developer Aldar has completed the sale of a residential tower to MAG F5 Holdings, a joint venture between MAG Group and Fortune|5 Investments.

The tower, located in Marina Square on Reem Island, comprises 202 units that are ready for handover across 44,424 square metres of sellable area.

“The sale of the residential tower is part of our broader strategy of injecting capital into new developments and to diversify Aldar’s customer base with institutional investors,” said Mohammed Al Mubarak, CEO of Aldar. “This is the first major acquisition by a Dubai-based investor in a number of years and demonstrates stronger investment ties between the two emirates.”

Prem Gopalani, executive chairman of Fortune|5 Investments, said: “Abu Dhabi has always been on our radar for various investments, and this joint acquisition marks a unique milestone for us. More importantly, we are setting the standards as top investment companies joining together to expand across the emirates with a strong and positive presence.”

MAG Group and Fortune|5 Investments have a history of joint acquisitions in Dubai, their most recent being in Meydan City.

Abu Dhabi’s real estate sector, which struggled with supply issues and side effects from the recession in 2009 is rebounding steadily, analysts suggest.

Aldar, one of the largest developers in the emirate, is also reaping the benefits of this growth.

The company, which merged with its rival Sorouh Real Estate in 2013, reported a profit of Dhs506 million in the second quarter, up 168 per cent from Dhs189 million a year earlier. Revenue for the second quarter rose 74 per cent year-on-year to reach Dhs2.19 billion.

The developer, which is majority-owned by the Abu Dhabi government, also announced three projects worth Dhs5 billion in Abu Dhabi in April this year.

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