UAE - Mubasher: Aldar Investment has completed the acquisition of a 70% stake in Abu Dhabi Business Hub in exchange for over AED 500 million.
Through the acquisition, the company launched Aldar Logistics, a logistics real estate vertical, which will focus on the UAE with plans to expand into Saudi Arabia and Egypt, according to a press release on Tuesday.
The remaining 30% of Abu Dhabi Business Hub is held by a strategic partner.
The CEO at Aldar Investment, Jassem Busaibe, said: "We see strong potential for expansion in warehousing and logistics real estate in the region, a segment which has robust fundamentals driven by infrastructure development and growth of the digital economy."
Meanwhile, Busaibe added: "As a major institutional investor, we are also uniquely placed to drive income growth by deploying an active approach to asset management. This includes investing in digital technology and automation, to ensure that the assets that we acquire serve the evolving needs of tenants and remain future proof."
