The project is expected to be completed by 2028
Abu Dhabi-listed real estate developer Aldar has announced the acquisition of a prominent commercial tower project in Dubai International Financial Centre (DIFC) for $629 million from H&H Development.
The tower, designed by renowned architectural firm Herzog & de Meuron, will span 40 floors, featuring a blend of commercial and retail spaces.
Targeting LEED Platinum certification, the project emphasises sustainability and high-quality standards, aligning with global best practices in green building design.
Completion is slated for 2028, Aldar confirmed in a statement to the Abu Dhabi stock exchange.
Expanding Aldar’s Dubai Portfolio
This acquisition marks a significant move for Aldar as it continues to strengthen its presence in Dubai’s commercial real estate market.
In addition to this deal, the developer has invested in 6 Falak in Dubai Internet City, is developing a Grade A office tower on Sheikh Zayed Road, and has entered a mixed-use joint venture with Expo City Dubai.
Booming Demand in DIFC
Aldar highlighted the surging demand for premium commercial spaces in Dubai, with Grade A office rents in DIFC experiencing a 15% year-on-year increase.
This trend underscores the emirate’s growing appeal as a global business hub, driven by a competitive market for high-quality office developments.
This latest acquisition reflects Aldar’s strategic focus on diversifying its portfolio and capitalising on the rising demand for premium commercial properties in Dubai.
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