Alpha Dhabi Holding bought a 12.21 per cent stake in Aldar Properties from Mubadala Investment Company for Dh3.5 billion ($953 million).
The company made the acquisition through its subsidiary, Sublime Commercial Investment, Mubadala said on Wednesday.
Alpha Dhabi Holding is an Abu Dhabi investment company with a diversified portfolio of listed and unlisted equities in local and regional markets.
Mubadala will retain a 25 per cent stake to remain Aldar’s largest shareholder and a long-term, strategic investor.
It said it supports Aldar’s growth as a "national real estate champion" with the highest market value in the property sector, in addition to its role as a key driver of the emirate's economic diversification.
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 said.
Aldar's shares were purchased at Dh3.67 per share, which was the price they closed at last Thursday.
The share price has more than doubled over the past 12 months and is up 19 per cent since the year began.
Aldar Properties, the UAE’s biggest listed developer, currently has a market capitalisation of Dh29.2bn.
Its fourth-quarter net profit rose by 28 per cent to Dh729m while revenue grew by 19 per cent to Dh2.53bn. However, full-year profit fell by 2 per cent to Dh1.93bn as direct costs, provisions, impairments and write-downs increased.
“Institutional investor interest in Aldar reflects confidence in the Abu Dhabi real estate sector and Aldar’s central role in implementing the emirate’s economic diversification strategy,” said Mubadala.
Aldar also revamped its business model earlier this year and now has a group operating structure managing its core development and investment businesses.
Aldar Development is responsible for building out the company’s 7,500-hectare land bank and oversees Aldar Projects, Aldar Ventures and Aldar Egypt subsidiaries.
Aldar Investment is responsible for managing its Dh16bn portfolio of recurring income assets, including its retail, residential and commercial assets under a subsidiary known as Aldar Estates. It also manages the company’s education and hospitality businesses.
The Abu Dhabi developer has completed a number of transactions, including an agreement with state-owned ADQ to manage projects worth more than Dh30bn in the capital.
It also sold the Abu Dhabi Golf Club Complex and the Westin Hotel to an unnamed buyer for Dh180m, as well as two district cooling units to Tabreed for a total value of Dh963m.
The company also aims to expand in Egypt, the Arab world's most populous country and is looking to buy a stake in Sixth of October for Development and Investment Company, it said earlier this month.
Mubadala, which manages more than $232bn in assets, invests on behalf of the Abu Dhabi government across a range of sectors. Its international investments include stakes in Softbank’s Vision Fund, Reliance Retail Ventures, Austria’s oil and gas entity OMV and petrochemicals companies Borealis and Nova Chemicals.
The company signed a new deal to buy a stake in German ophthalmic lens manufacturer Rodenstock Group, further expanding its life sciences and health care investment portfolio.
It also plans to invest £800m ($1.1bn) in the UK's life sciences sector over the next five years.
Mubadala bought a refinery and logistics assets from Brazil's state oil company Petrobras for $1.65 billion this month, continuing to invest in traditional sectors such as energy.
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
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Company%20Profile
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ICC Awards for 2021
MEN
Cricketer of the Year – Shaheen Afridi (Pakistan)
T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)
ODI Cricketer of the Year – Babar Azam (Pakistan)
Test Cricketer of the Year – Joe Root (England)
WOMEN
Cricketer of the Year – Smriti Mandhana (India)
ODI Cricketer of the Year – Lizelle Lee (South Africa)
T20 Cricketer of the Year – Tammy Beaumont (England)
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
