UAE-based real estate fund manager Aldar Investment has acquired a 70% stake in logistics site Abu Dhabi Business Hub.
The share is valued at US$500 million and will be used by Aldar Investment to create a new logistics real estate vertical for the firm.
The remaining 30% share is owned by a strategic partner of Aldar.
The purchase comes days after parent group Aldar Properties announced a 23% jump in profits for Q1 2022, helped by record property sales as well as a US$900 million investment from Apollo Global.
Aldar has stated that it has at least $1.36 billion to spend on acquisitions. And while the logistics vertical will initially focus on the UAE, it has the potential to expand into Saudi Arabia and Egypt, stated the firm in a filing to the Abu Dhabi Stock Exchange.
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