Alpha Dhabi unit buys $953m stake in Aldar from Mubadala

Alpha Dhabi unit buys $953m stake in Aldar from Mubadala
Alpha Dhabi unit buys $953m stake in Aldar from Mubadala

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Jeddah - Yasmine El Tohamy - DUBAI: Abu Dhabi state fund Mubadala has sold a 3.5 billion dirham ($953 million) stake in property developer Aldar to a subsidiary of investment firm Alpha Dhabi Holding, the fund said in a statement on Wednesday.

The subsidiary, Sublime Commercial Investment, acquired a 12.21 percent strategic stake in Aldar, the statement said. Mubadala will remain Aldar’s largest shareholder with 25 percent, it said.

“Institutional investor interest in Aldar reflects confidence in the Abu Dhabi real estate sector and Aldar’s central role in implementing the Emirate’s economic diversification strategy,” the statement said.

Two sources told Reuters earlier on Wednesday that the fund had sold part of its holdings in Aldar.

Trades of 960 million shares, worth 3.5 billion dirhams were made on the Abu Dhabi Securities Exchange on Wednesday, exchange data shows.

The transaction was executed by local brokerage firms International Securities and ADCB Securities, the statement said.

Aldar, which developed the Ferrari World theme park, is the largest real estate developer in the emirate.

It made an offer earlier this month to buy a stake in Egyptian developer Sodic for about $420 million. It is leading a consortium to buy a minimum 51 percent stake.

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