Abu Dhabi-based developer Aldar announced on Wednesday that it has acquired a Dh2.3 billion flagship tower from H&H Development, marking one of the largest commercial tower acquisitions in the Dubai International Financial Centre (DIFC). This strategic move will leverage the combined strengths of Aldar and H&H Development to create a world-class development that sets a new benchmark for commercial spaces in the region.
Situated within the DIFC and slated for completion in 2028, the tower will feature commercial and retail spaces spread across 40 floors. This acquisition will significantly expand Aldar's Grade A commercial portfolio and positions the company as the sole UAE developer with commercial assets in both Abu Dhabi Global Markets (ADGM) and DIFC, the UAE's leading financial hubs.
The increasing presence of regional and international financial services and innovative firms in DIFC has led to a substantial rise in demand for premium commercial spaces, resulting in a 15% year-on-year increase in average Grade A rents. The tower, with its flexible floorplates designed for tenant customization, will offer a mix of multi-tenanted and single-tenanted spaces to cater to diverse leasing requirements.
This latest acquisition by Aldar follows its recent foray into Dubai's commercial real estate market, including the acquisition of 6 Falak, the development of an iconic Grade A office tower on Sheikh Zayed Road, and a mixed-use joint venture with Expo City Dubai. "This acquisition not only diversifies our commercial portfolio but also addresses the ongoing demand for high-quality office spaces, driven by a favorable economic environment and the UAE's status as a global business hub. As we continue to grow in Dubai, this tower will serve as a flagship asset, providing flexible, premium commercial spaces that meet the changing needs of multinational and regional businesses," said Talal Al Dhiyebi, Group CEO at Aldar.
Shahab Lutfi, Chairman of H&H Development, added: "H&H Development is honored to partner with Aldar on this landmark project, reflecting our mutual dedication to excellence, innovation, and transformative developments that shape the future of the real estate market. This collaboration underscores H&H Development's commitment to assembling the best architects, designers, and operators, which will enhance the DIFC skyline and reinforce Dubai's position as a global business hub with Grade A commercial spaces that set an international standard for premium quality."
Designed by the acclaimed architectural firm Herzog & de Meuron, the tower is aiming for LEED Platinum certification.
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