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Aldar drops hotel and golf course complex for new opportunitiesMENA

Aldar drops hotel and golf course complex for new opportunities

Aldar Properties has sold the Abu Dhabi Golf Club Complex from its portfolio, which includes the Westin Hotel and the Abu Dhabi Golf Course, to an unnamed financial investor for the price tag of AED 180 million.

The sale is in line with Aldar’s asset management strategy to actively pursue profitable investment exits and redeploy capital into growth opportunities, as the current deal represents a 13% gain on the entry price. Aldar had acquired the complex from the Tourism Development Investment Company (TDIC) of Abu Dhabi back in 2018.

This transaction is the most recent in Aldar’s series of transactions aimed at monetizing its assets. To name a few, last year the company divested its cooling assets on Abu Dhabi’s Saadiyat Island to redivert the funds into fee-based third-party development management. Another recent example is Aldar being granted management of over AED 30 billion of ADQ (one of the region’s largest holding companies)’s capital projects.

why it matters
With the UAE real estate market witnessing downward pricing pressures since the onset of the coronavirus, the shift by real estate industry institutions, such as Aldar Properties, from capital-intensive real estate projects towards more sustainable property management activities may indicate that a larger industry-wide shift is to come.