Aldar Properties, listed on the Abu Dhabi Securities Exchange, has entered into a new partnership worth 407 million dirhams ($111 million) with Carlyle Global Investment Group, listed on Nasdaq, with the aim of supporting its international expansion plan by investing in logistics assets and warehousing facilities in Europe.
According to a press release from the company on Thursday, the agreement obliges Aldar to support the Carlyle European Real Estate Assets platform, which represents the group’s real estate strategy in Europe, in addition to obtaining a majority investment stake in a joint investment platform.
The company currently has an income-generating investment portfolio that includes 14 warehouses spread across major logistics centers across the United Kingdom.
The portfolio, managed by Carlyle, has a total leasable area of 900,000 square feet, is fully occupied and has attractive investment potential.
Aldar has also invested with Carlyle and other investors in a portfolio of self-storage facilities and development sites in the Western European region.
Aldar Properties Company’s profits increased by 34 percent by the end of the first nine months of 2023, compared to the profits of the same period of the previous year.
It achieved profits worth 2.718 billion dirhams by the end of the first nine months of 2023, compared to profits for the first nine months of 2022 amounting to 2.028 billion dirhams.
The company's operating revenues increased by 21 percent to reach 9.763 billion dirhams during the first nine months of 2023, compared to revenues for the first nine months of 2022 amounting to 8.066 billion dirhams.
The company's gains from revaluation of real estate investments increased to 212.2 million dirhams during the first nine months of 2023. Compared to 64.3 million dirhams during the same period last year.
