Abu Dhabi developer Aldar acquires TDIC’s real estate assets worth 3.7 billion dirhams

Aldar’s agreement with Tourism Development & Investment Company to acquire 3.7 billion dirhams worth of prime real assets is one of the largest property acquisitions in the UAE’s history. (Courtesy Aldar)
Updated 07 May 2018
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Abu Dhabi developer Aldar acquires TDIC’s real estate assets worth 3.7 billion dirhams

DUBAI: Abu Dhabi developer Aldar on Monday said it has signed an agreement with Tourism Development & Investment Company (TDIC) to acquire 3.7 billion dirhams worth of its prime real assets, one of the largest property acquisitions in the UAE’s history.
The transaction will be fully complete by the end of June, subject to fulfilment of certain conditions, the company said in a disclosure to the Abu Dhabi stock exchange.
The 14 assets acquired from TDIC, mostly focus on the emirate’s tourism-cultural destination Saadiyat Island, range from hospitality, retail, residential, education and infrastructure as well as a selection of prime land plots and projects currently being developed. The more notable acquisitions include the Eastern Mangroves complex, Saadiyat Island district cooling assets, Cranleigh School Abu Dhabi and Westin Golf & Spa.
“Acquiring assets on Saadiyat Island presents Aldar with an unprecedented opportunity to add significant value to its portfolio. The opening of the Louvre Abu Dhabi has demonstrated the government’s commitment to make Saadiyat Island one of the most sought-after destinations in the world,” Talal Al Dhiyebi, Chief Executive Officer of Aldar Properties, said in a statement to the bourse.
“We believe this landmark acquisition will further advance Abu Dhabi’s real estate sector and accelerate the development of Saadiyat Island, taking it to the next level. This is a very exciting time for the market, and as its leading player, we’re well placed to take advantage, with the injection of these new assets.”
The land and projects under development that to be taken over will form part of Aldar’s development destination strategy, the developer said, while collectively the acquired assets should deliver ‘an incremental net operating income of approximately 120 dirhams million to Aldar’s asset management portfolio on an annualized basis.’
The gross development value of the projects under development on Saadiyat Island is 2.5 billion dirhams. The land located on Saadiyat Island that is being acquired, which is infrastructure enabled, has approximately 1.1 million square meters of gross floor area.


Kuwait Projects Co. hires Goldman Sachs for sale of OSN — sources

Updated 21 November 2018
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Kuwait Projects Co. hires Goldman Sachs for sale of OSN — sources

DUBAI: Kuwait Projects Co. (KIPCO), the Gulf state’s largest investment company, has hired Goldman Sachs to advise it on the sale of its majority stake in pay-television operator OSN, sources familiar with the matter told Reuters.
OSN, which this year signed the first partnership deal in the region with Netflix, posted a 71 percent drop in income in the three months to Sept. 30, according to KIPCO’s latest financial results.
KIPCO and Goldman Sachs declined to comment.
KIPCO said in the results, released last week, that the company’s board had approved initiating a plan to divest its 60.5 percent equity interest in Panther Media Group, also known as OSN, and had engaged an international investment banker for the purpose. It did not disclose the name of the banker.
With the rights to broadcast into countries across the Middle East and North Africa, OSN has more than 180 channels, according to its website. Its other shareholder is Mawarid Group.
OSN faces subdued demand in its core markets due to piracy, geopolitical factors and fiscal reforms by governments which have led to sizeable expatriate populations leaving some of its core markets, said Anuj Rohtagi, director of group financial control at KIPCO in KIPCO’s third-quarter earnings conference call on Nov. 15. He added OSN was taking action to cut costs and attract new customers.
It is not the first time KIPCO has explored offloading at least some of its stake in OSN. In 2014, it said it planned to start the process for an initial public offering of OSN shares.