Alpha Dhabi ups Aldar stake for $1.5 bn; Mubadala makes quick exit from Cologix

 Alpha Dhabi ups Aldar stake for $1.5 bn; Mubadala makes quick exit from Cologix

Abu Dhabi-based Alpha Dhabi Holding PJSC has acquired a 17% stake in Aldar Properties, raising its ownership of the real estate company to 29.8%.

The acquisition will make Alpha Dhabi one of the largest shareholders of Aldar, the diversified conglomerate said in a statement.

Alpha Dhabi didn’t specify the deal value but based on the market value of Aldar it likely spent around AED8.6 billion (about $1.47 billion) to increase its stake.

Alpha Dhabi said the acquisition was in line with the company’s strategic plan of investing AED8 billion ($2.1 billion) in real estate, hospitality, healthcare, petrochemicals, and other promising sectors inside and outside the UAE.

Last year, Alpha Dhabi had bought a 12.8% stake in Aldar for AED3.7 billion. Sovereign wealth fund Mubadala had pared its stake in Aldar as part of the deal.

The latest investment comes soon after Aldar itself announced that it will buy 85.52% of Egyptian developer SODIC through a consortium with state-owned holding company ADQ.

“The real estate sector has been witnessing an outstanding recovery during 2021, demand for residential, commercial, hospitality and logistics units continue to grow as a result of the resilience and agility of the country’s post-pandemic strategy,” said Eng. Hamad Salem Mohamed Al-Ameri, managing director and CEO of Alpha Dhabi.

Mubadala-Cologix

Abu Dhabi sovereign wealth fund Mubadala Investment Company has sold a stake in North American data centre firm Cologix to infrastructure and real estate investment firm Stonepeak for an undisclosed amount.

Mubadala has been a co-investor with Stonepeak Fund II LP in Cologix since January 2020. The wealth fund had invested $500 million in Cologix.

As per the new deal, Cologix will be transferred from Stonepeak Infrastructure Fund II LP and its co-investors to another Stonepeak-managed vehicle comprising some existing Fund II investors and new third-party investors.

Cologix offers more than 600 networks and over 300 cloud providers across the platform. In the last four years, it has invested close to $1 billion to expand its footprint both organically and inorganically.

Aman Malik

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