Aldar Properties pays $179m for office tower in Abu Dhabi

Aldar Properties has completed the acquisition of International Tower, a high-quality office tower located in Capital Gate district of Abu Dhabi for AED 658 million ($179 million).

International Tower comprises 420,000 square feet NLA of class A commercial space and the property will immediately contribute to Aldar’s net operating income, supported by a strong mix of existing tenants and robust occupancy.

In addition to the acquisition of International Tower, Aldar will retain a proportion of the Water’s Edge residential development for its asset management portfolio. These announcements demonstrate Aldar’s ambition to further invest in developing a world-class, high-quality asset management portfolio.