Abu Dhabi – Mubasher: Aldar Properties has agreed to sell the Abu Dhabi Golf Club Complex, including the Westin Hotel and the Abu Dhabi Golf Course, to a financial investor in exchange for AED 180 million.
From this transaction, the company has achieved a 13% return on the entry investment price, as part of its asset management strategy, according to a press release on Thursday.
Through this strategy, the company aims to conclude profitable investment exits and redeploy capital into growth opportunities.
In 2018, Aldar agreed with Abu Dhabi’s Tourism Development Investment Company (TDIC) to acquire the Complex, which also includes land that could be developed into a residential property with a 46,543 square meters gross floor area.
The Chief Investment Officer of Aldar Properties, Jassem Saleh Busaibe, said: "We will continue to pursue opportunities for significant growth and further diversification of the Aldar Properties portfolio."
It is noteworthy to mention that earlier this month, Aldar reached an agreement to sell its two district cooling assets on Abu Dhabi’s Saadiyat Island to National Central Cooling Company (Tabreed) for AED 963 million.
