UAE's Aldar Properties creates new subsidiary with $5.4 billion assets | Reuters:
Abu Dhabi’s largest developer Aldar Properties is spinning off its recurring-revenue assets worth 20 billion dirhams ($5.4 billion) into a new, fully-owned subsidiary as it seeks to achieve operational efficiencies and raise cheaper capital.
The state-linked builder of Abu Dhabi’s Formula One circuit said on Wednesday the subsidiary, Aldar Investment Properties LLC, will take ownership of some of Aldar’s highest revenue-generating assets.
The new company follows the recent Abu Dhabi decree granting full onshore real estate ownership rights to Aldar Properties and its subsidiaries in the capital of the United Arab Emirates.
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