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The transaction is expected to complete in the first quarter of 2021 by Zainab Mansoor December 23, 2020 Abu Dhabi’s Aldar Properties has signed an agreement to divest two of its district cooling assets on the capital’s Saadiyat Island to National Central Cooling Company (Tabreed). The sale will be worth Dhs963m, while the transaction is expected to be completed in Q1 2021, generating an internal rate of return of more than 40 per cent. Proceeds will be used to finance further growth of Aldar’s portfolio. Aldar had purchased a 100 per cent stake in Saadiyat District Cooling (SDCL) and an 85 per cent stake in Saadiyat Cooling (SCL) from Tourism Development and Investment Company (TDIC) in 2018. SDCL and SCL provide district cooling to Saadiyat Island in Abu Dhabi.

Abu dhabiAbuz abyUnited arab emiratesBader saeed al lamkiTalal al dhiyebiTourism developmentAldar propertiesAbu dhabi aldar propertiesDevelopment managementInvestment companyAbu dhabi department of energy doSaadiyat islandNational central cooling companySaadiyat district coolingSaadiyat coolingAsset management