Emirati Real Estate Company signed an agreement with the National Central Cooling Company, Tabreed, to sell the cooling assets of its areas in Saadiyat Island for 963 million dirhams.
The company expected, in a statement to the Abu Dhabi Securities Exchange, today, Wednesday, that the transaction will be completed in the first quarter of 2021, indicating that this will bring it an internal rate of return of 40% of the principal value of its investment.
and explained that she will use the proceeds of the deal to boost the growth of the company's diversified portfolio of high-quality, revenue-generating properties.
Aldar Properties acquired the entire Saadiyat District Cooling Company and an 85% stake in Saadiyat Cooling Company in 2018, as part of a comprehensive acquisition of the development company's assets And tourism investment.
Saadiyat District Cooling Company and Saadiyat Cooling Company provide a portfolio of cooling projects on Saadiyat Island in Abu Dhabi, and this will be the first project to obtain a new license in Abu Dhabi.
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"The deal will benefit both parties," said Talal Al-Dhiyabi, CEO of Aldar Properties. Our strategy to divest from our investment assets provides remunerative value for the benefit of Aldar's shareholders.
Al-Dhiyabi added: The deal provides a clear example of our commitment to achieving the best returns on their investments.
