In a deal valued at 963 million dirhams
Tabreed acquires two companies in Abu Dhabi
Tabreed will provide its services to the Louvre Abu Dhabi.
Photography: Eric Arazas
The National Central Cooling Company (Tabreed) announced its acquisition of the two companies, “Saadiyat Cooling”, majority owned by the Aldar Real Estate Company, and “Saadiyat District Cooling - Single Person Company”, wholly owned by Aldar Real Estate, in an agreement worth 963 million dirhams.
Under the agreement, Tabreed will provide its services to some of the most prestigious projects in Abu Dhabi, including the Louvre Abu Dhabi, New York University Abu Dhabi and Manarat Al Saadiyat.
"We continue to accelerate the path of growth and consolidate our position in the UAE," said Badr Saeed Al-Lamky, CEO of Tabreed, stressing that the company enjoys a good financial and operational position, to continue to benefit from more growth opportunities in the UAE market and beyond.
In turn, CEO of Aldar Real Estate, Talal Al-Dhiyabi, said that the agreement reflects a commitment to consolidate the long-standing relationship of "Aldar" with "Tabreed", as it will benefit both parties.
He added: “Our strategy for exiting our investment assets is distinguished by providing remunerative value for the benefit of (Aldar) shareholders. It also provides a clear example of our commitment to achieving the best returns on their investments,” stressing that “Aldar” pursues a clear vision in acquiring assets with promising potential. It also adopts an effective strategy in managing assets, recycling capital, and investing it to continue its future growth path.
It is noteworthy that Tabreed announced earlier this year that it managed to raise $ 500 million (1.8 billion dirhams) by offering new seven-year bonds at a rate of 2.5%, which will support the closing of the deal.
Tabreed projects portfolio
After the agreement, Tabreed’s portfolio of projects will include: Louvre Abu Dhabi, New York University, Saadiyat Island hotels, Burj Khalifa, Dubai Mall, Dubai Opera Theater, Etihad Towers, Yas Island, Aldar headquarters, Abu Dhabi World Trade Center, Cleveland Clinic. Abu Dhabi, Sheikh Zayed Grand Mosque, Bahrain Financial Harbor, Knowledge Oasis in Muscat, and the Jabal Omar Project in Makkah.
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