Abu Dhabi-based Aldar Properties on Wednesday announced the creation of Aldar Investment Properties, a diversified real estate investment company.
Aldar Investments, currently a 100 percent owned subsidiary of Aldar, will take ownership of some of Abu Dhabi’s highest quality, revenue-generating real estate assets, valued at AED 20 billion ($5.4 billion), said a statement.
The announcement follows the recent Abu Dhabi Executive Council Decree, extending full onshore real estate ownership rights to Aldar Properties and its subsidiaries in Abu Dhabi.
“Aldar Investments is designed to drive greater operational and capital efficiencies that will unlock value for shareholders and create the foundation for a new phase of accelerated growth,” the statement added.
“The creation of Aldar Investments allows Aldar to spin off its recurring-revenue assets into a 100 percent-owned separate entity, with greater independence, focused governance and a more efficient cost structure,” the statement said, adding, “Aldar Investments operates under the direction of its own Board, allowing greater transparency, governance and clarity around its cash flows, profit and dividends, while reducing operating and capital costs to enhance profitability.”
Comments
{{DisplayName}}
{{ElapsedTime}}