Tabreed’s US$263 Million Acquisition Of Two District Cooling Assets From Aldar Properties PJSC

Clifford Chance has advised Aldar Properties PJSC, while Dentons advised Tabreed on the deal.

Aldar Properties PJSC sold two district cooling assets on Abu Dhabi’s Saadiyat Island to National Central Cooling Company PJSC (Tabreed) for a total consideration of AED 963 million (approximately US$263 million).

The leading UAE listed property developer purchased a 100% stake in Saadiyat District Cooling LLC (SDCL) and an 85% stake in Saadiyat Cooling LLC (SCL) as part of a wider acquisition of assets from Tourism Development and Investment Company (TDIC) in 2018, which Clifford Chance also advised Aldar Properties on. SDCL and SDL provide district cooling services to Saadiyat Island, a rapidly developing cultural and tourism hub housing the Louvre Abu Dhabi, New York University Abu Dhabi (NYUAD) and arts centre Manarat Al Saadiyat and are set to be the first district cooling schemes to be licenced by the Abu Dhabi Department of Energy under the new District Cooling Regulations issued in 2019.

The transaction is expected to complete in the first quarter of 2021. Proceeds from the sale are expected to be used to finance further growth of Aldar’s diversified real estate portfolio.

The Clifford Chance team was led by partner Tariq Imam (Picture) and senior associate Gareth Dray, and also included partners Mo Al-Shukairy and Richard Parris, senior associates Richard Cameron and Isabella Van Zyl, associates Daryl Teo and Rezwan Azam, trainee solicitor Ahmed Shafiek, and legal project manager David Harris.

Dentons team was led by partners Jon Nash and Iain Black, and inlcuded Senior Associate, Joe Carroll, and Associates Jasem Alanizy and Kislay Kumar, along with Trainee Hassan Damanhouri. The team also included Associate Stephanie Hawes and Trainee Moayad Al Zahrani, both members of Dentons’ Construction and Projects team in Dubai.

Involved fees earner: Mohammed Al-Shukairy – Clifford Chance; Rezwan Azam – Clifford Chance; Richard Cameron – Clifford Chance; Gareth Dray – Clifford Chance; Tariq Imam – Clifford Chance; Richard Parris – Clifford Chance; Daryl Teo – Clifford Chance; Isabella Van Zyl – Clifford Chance; Jasem Alanizy – Dentons; Iain Black – Dentons; Joe Carroll – Dentons; Stephanie Hawes – Dentons; Kislay Kumar – Dentons; Jon Nash – Dentons;

Law Firms: Clifford Chance; Dentons;

Clients: Aldar Properties; National Central Cooling Company;

Avatar

Author: Michael Patrini.