Baker McKenzie Legal Advisor to Aldar in Landmark Acquisition of a Commercial Office Tower in the Dubai International Financial Centre from H&H Development

Baker McKenzie has successfully assisted Aldar, leading Abu Dhabi based real estate developer, investor, and manager, in the acquisition of a AED 2.3 billion (USD 626 million) premier commercial office and retail tower from H&H Development. The tower, located in the Dubai International Financial Centre (DIFC), is planned to be operational in 2028.

The landmark transaction represents one of the largest commercial tower acquisitions registered in the DIFC, establishing Aldar as the only UAE developer with commercial properties in both of the country's major financial hubs - the Abu Dhabi Global Markets (ADGM) and the DIFC. The acquisition also reflects Aldar's commitment to further scaling its Grade A commercial portfolio.

Baker McKenzie's Co-Head of Baker McKenzie's Real Estate and Hospitality Practice Group in the Middle East, Aldar Relationship Partner and lead partner on the transaction, Keri Watkins stated: "Aldar's investment in a prime location within the DIFC represents a significant milestone in Aldar's growth, and we are really proud to have supported the team on this exciting deal. This acquisition not only strengthens Aldar's presence in Dubai but also underscores their commitment to expanding their portfolio in key financial districts, enhancing their strategic growth and investment in the region."

The Baker McKenzie team included Keri Watkins (Partner), Jack McCaw (Senior Associate), Amir Ali (Senior Associate), Jana Al-Afoo (Associate) and Andrew Hope (Senior Associate).

This deal adds to the long list of transactions in which Baker McKenzie has advised Aldar on. Recent examples include assisting Aldar Hospitality on its partnership with IHG as part of its hospitality portfolio transformation in the UAE and advising Aldar on its European private real estate credit investment.