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The project, set for completion in 2028, was purchased from H&H Development
UAE developer Aldar has closed one of the largest commercial tower acquisitions in Dubai International Financial Centre (DIFC) by purchasing a 2.3 billion UAE dirhams ($626.19 million) project from H&H Development.
The tower will include commercial and retail space split across 40 floors and is set for completion in 2028, the developer said in a statement to the Abu Dhabi stock exchange on Wednesday.
Designed by architectural firm Herzog & de Meuron, the DIFC tower is targeting LEED Platinum certification.
Aldar expanded into Dubai’s commercial real estate market with the acquisition of 6 Falak in Dubai Internet City, development of a Grade A office tower on Sheikh Zayed Road, and a mixed-use joint venture with Expo City Dubai.
Demand for high-quality commercial space has been rising in Dubai, driving a 15 percent year-on-year increase in average Grade A rents in DIFC, the developer said. |
