Alpha Dhabi’s Subsidiary Acquires 12.21% Strategic Stake in Aldar Properties

By Akanimo Sampson

Sublime Commercial Investment, a subsidiary of Alpha Dhabi Holdings, says it has acquired a 12.21 percent strategic stake in Aldar Properties.

Africa Housing News

In a deal worth $950 million, around AED3.5 billion, the stake has been purchased from Mubadala Investment Company.

Alpha Dhabi Holding is an Abu Dhabi-based investment firm managing a diversified portfolio of listed and unlisted equities in both local and regional markets.

The transaction, which involved the transfer of 960 million shares in a block trade, is one of the largest private share purchases in a UAE-listed company and was carried out by International Securities and ADCB Securities.

Mubadala will remain Aldar’s largest shareholder at 25 percent and continues to be a long-term strategic investor, supporting Aldar’s growth as a national real estate champion with the highest market cap in the real estate sector.

Last month, Abu Dhabi-based Aldar Properties bucked the trend of UAE developers with a marginal increase of 0.4 percent in profits for 2020 compared to the previous 12 months.

The country’s biggest listed developer saw profits increase from AED1.925 billion ($524 million) in 2019 to AED1.932 billion ($526 million), while year-on-year revenues were up 17 percent from AED7.1billion ($1.93billion) to AED8.4billion ($2.3 billion).