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ADCB to sell majority stake in property unit for $109m

ADCB/X
The stake acquisition in ADCP, subject to approvals, is expected to be completed in Q4 2023

Abu Dhabi Commercial Bank (ADCB) has received an offer to sell a majority stake in its wholly-owned property management subsidiary Abu Dhabi Commercial Properties (ADCP).

The binding offer comes from Nine Yards Plus Holding, an Abu Dhabi-based EIH Ethmar International Holding (EIH) subsidiary, the lender said in a statement published on the Abu Dhabi stock exchange.

ADCB will retain a 20 percent stake, registering a gain of AED400 million ($108.90 million) upon the sale of the majority stake to Nine Yards Plus Holding.

The transaction, subject to approvals, is expected to be completed in the fourth quarter of 2023.

The move aligns with ADCB’s strategy to focus on “growth and diversity building” on strategic partnerships with UAE companies.

Nine Yards Plus Holding, the real estate arm of EIH, operates in nine sectors such as real estate, energy, technology, alternative investments, hospitality, and healthcare.

ADCP will maintain its separate corporate legal status and brand even after the sale, the lender stated.