A subsidiary of investment firm, Alpha Dhabi, has acquired a minority stake in Aldar Property from Abu Dhabi sovereign fund, Mubadala.
The subsidiary, Sublime Commercial Investment, spent AED3.5 billion (US$950 million) to purchase the 12.21% stake in what is the largest listed developer in the UAE.
The transaction is also one of the largest private share purchases in a UAE-listed company and involved the transfer of 960 million shares at a cost of just less than $1 per share.
Local brokers International Securities and ADCB Securities acted as the intermediaries.
Mubadala remains the largest shareholder in Aldar with a stake of 25% and has stated it will “continue to be a long-term strategic investor”.
©2021 funds global mena