Skip to content Skip to Search
Skip navigation

ADCB sells 80% stake in property unit for $161m

By Pramod Kumar
Abu Dhabi Commercial Bank will register a gain of AED490 million Wam
Abu Dhabi Commercial Bank will register a gain of AED490 million

Abu Dhabi Commercial Bank (ADCB) has agreed to sell an 80 percent stake in its wholly-owned property management subsidiary, Abu Dhabi Commercial Properties (ADCP), for AED591 million ($160.92 million).

The agreement was signed with Nine Yards Plus Holding, the real estate subsidiary of Abu Dhabi-based EIH Ethmar International Holding (EIH), the bank said in a statement published on the Abu Dhabi bourse.

The bank will register a gain of AED490 million subject to closing conditions before the end of the year.

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

The bank will retain a 20 percent stake in ADCP post-transaction and will continue its partnership via a long-term relationship agreement.

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

ADCP was established in 2006 and currently manages 51,000 units across 1,900 properties. The property management company will maintain its separate corporate legal status and brand after the sale.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]