Aldar to hand over 7,000 units in 12 months

Aldar Properties today announced the phased handover to owners of the Gate Towers in Abu Dhabi – a mixed-use development at the heart of Shams Abu Dhabi on Al Reem Island.

"This marks the start of another important delivery cycle for Aldar, as we deliver more than 7,000 quality units into the market over the next 12 months," said Aldar Deputy CEO, Mohammed Al Mubarak.

"The Gate Towers is one of Abu Dhabi’s most iconic developments.  With its eye-catching design and prominent positioning on Shams, we are confident that our customers will be very pleased with the quality of the development. We are seeing a flight to higher quality housing in Abu Dhabi, as evidenced by increased sales and leasing interest at Reem Island."

The Gate Towers is made up of 3,533 units and include studios, one, two, and three-bedroom apartments, as well as townhouses and penthouses with panoramic views of the Arabian Gulf and Abu Dhabi skyline.

Designed by Amercian architects Arquitectonica to create a welcoming yet imposing gateway to the larger development of Shams Abu Dhabi, the Gate Towers mimics historically prominent structures such as England’s Stonehenge and Greece’s Pantheon. The series of residential towers act as pillars supporting a sky bridge that spans between each of the towers.

The project joins Aldar’s Sun and Sky Towers on Shams Abu Dhabi, which are now home to more than 1,000 families and businesses, and include Abu Dhabi’s first Waitrose Supermarket.

Leasing opened in November and residents have now begun to move into their new homes.

Aldar picks banks for sukuk sale

Aldar Properties, Abu Dhabi's largest property developer, has hired five banks to arrange the sale of a benchmark-sized Islamic bond, or sukuk, to refinance debt, three banking sources aware of the matter said.

The majority state-owned firm has hired National Bank of Abu Dhabi, First Gulf Bank Dubai Islamic Bank , Standard Chartered and Goldman Sachs, the sources said, requesting anonymity because the information is not yet public.

Aldar plans to issue the sukuk before year-end, the sources added. Benchmark-sized typically means that the size of a bond will be at least $500 million.

"Post-merger, Aldar is adopting prudent and strategic measures to refinance and pay its debt, and a sukuk issuance is a logical step with the markets looking good," one banking source involved in the deal said.

A spokesman for Aldar in Abu Dhabi declined to comment.

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