Aldar signs agreement with Tabreed to sell Abu Dhabi district cooling assets for AED 963 million

Aldar signs agreement with Tabreed to sell Abu Dhabi district cooling assets for AED 963 million

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Islam News — Aldar Properties PJSC has signed an agreement to divest its two district cooling assets on Abu Dhabi’s Saadiyat Island to National Central Cooling Company PJSC (Tabreed) for a total consideration of AED 963 million, as WAM agency reported.

Aldar had purchased a 100 percent stake in Saadiyat District Cooling LLC (SDCL) and an 85 percent stake in Saadiyat Cooling LLC (SCL) as part of a wider acquisition of assets from Tourism Development and Investment Company (TDIC) in 2018.

The transaction is expected to complete in the first quarter of 2021, unlocking an internal rate of return of over 40 percent on the original equity investment by Aldar, who has actively managed the asset since its acquisition in 2018. Proceeds will be used to finance further growth of Aldar’s diversified portfolio of high-quality income-generating property.