Abu Dhabi-based developer Aldar on Wednesday said it it has acquired Dh2.3 billion flagship tower from H&H Development, making it one of the largest commercial tower acquisitions registered in Dubai International Financial Centre (DIFC).
The deal will harness the combined expertise of Aldar and H&H Development to bring forward a truly world-class development that will set a new standard for commercial spaces in the region.
Located within DIFC and set for completion in 2028, the landmark tower will include commercial and retail spaces split across 40 floors. The transaction will help Aldar scale its Grade A commercial portfolio and positions the company as the only UAE developer with commercial assets in both Abu Dhabi Global Markets (ADGM) and DIFC — the UAE’s premier financial centres.
With an increasing number of regional and international financial services and innovative firms establishing themselves in DIFC, there has been a considerable uptick in demand for world-class commercial spaces, driving a 15 per cent year-on-year increase in average Grade A rents in the area.
With flexible floorplates for tenant customisation, the tower will offer a blend of multi-tenanted and single-tenanted spaces to suit diverse leasing needs.
Aldar’s new acquisition follows its recent expansion into Dubai’s commercial real estate market with 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 responds to the sustained demand for high-quality office spaces, driven by a favourable macroeconomic backdrop and the UAE’s position as a global business hub. As we continue to expand in Dubai, this tower will serve as a flagship asset, delivering flexible, premium commercial spaces that meet the evolving needs of multinational and regional businesses,” said Talal Al Dhiyebi, group CEO at Aldar.
Shahab Lutfi, chairman of H&H Development, said: “H&H Development is proud to collaborate with Aldar on this landmark project, which exemplifies our shared commitment to excellence, innovation, and delivering transformative developments that shape the future of the real estate market. This underscores H&H Development’s commitment to bringing together the best architects, designers, and operators, which will further enhance the DIFC skyline and reinforce Dubai’s position as a global business hub, with Grade A commercial spaces that set an international benchmark for premium quality.”
Designed by renowned architectural firm Herzog & de Meuron, the tower is targeting Leed Platinum certification.
Source: www.khaleejtimes.com
