Aldar buys Woods Bagot-designed International Tower in Abu Dhabi for $179m

Aldar buys Woods Bagot-designed International Tower in Abu Dhabi for $179m

Aldar Properties said on Wednesday that it has completed the acquisition of International Tower, an office tower located in Capital Gate district of Abu Dhabi for AED658 million ($179.1 million), Arabian Business reported.

Designed by Woods Bagot, International Tower comprises 39,000 sq m of Grade A commercial space and will immediately contribute to Aldar’s net operating income, supported by a strong mix of existing tenants and robust occupancy, the developer said in a statement.

Talal Al Dhiyebi, CEO of Aldar Properties, said: “The acquisition of International Tower clearly demonstrates our belief in the strength of Abu Dhabi’s commercial real estate market.

“With a strong mix of existing tenants, this grade A office tower will make an immediate contribution to net operating income, in line with our strategy to grow recurring income from our portfolio of high-quality assets. Supported by our strong balance sheet, we will continue to assess the market for opportunities that will further drive growth of our portfolio.”

Completed and launched to the market in April 2012, the tower has 24 commercial floors providing approximately 41,000m2 of space.

At the time of its launch, International Tower was the first commercial scheme to launch within ADNEC’s Capital Centre master plan.

It is also the first LEED Gold certified commercial office building on Abu Dhabi island. On typical floors, the floor to ceiling performance glazing with fritting patterns provides glare control on the inside and a dynamic exterior façade.

On the western façade, vertical glass fins provide shading from the western sunlight. These fins appear to constantly move and provide a visual interaction with passers-by.

Aldar also recently announced it will retain a proportion of the Water’s Edge residential development for its asset management portfolio.

Last month, Aldar Properties reported a third quarter net profit of AED601 million ($163.6 million) on revenue of nearly AED1.4 billion.

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