Sale will be worth Dhs963m, while the transaction is expected to be completed in Q1 2021, generating an internal rate of return of more than 40 per cent. Proceeds will be used to finance further growth of Aldar’s portfolio. Aldar had purchased a 100 per cent stake in Saadiyat District Cooling (SDCL) and an 85 per cent stake in Saadiyat Cooling (SCL) from Tourism Development and Investment Company (TDIC) in 2018. SDCL and SCL provide district cooling to Saadiyat Island in Abu Dhabi. Divestment crystalizes significant value for Aldar shareholders and is a clear example of our strategy for value creation in action. Aldar is pursuing attractive acquisitions, implementing an active approach to asset management and continuously recycling capital to invest in future growth. In line with this strategy, Aldar will build on its strong financial and operating performance in 2020 by further deploying capital in the long-term growth of our two core real estate businesses – Asset Management and Development Management.
Abu Dhabi Department of Energy (DoE) issued the District Cooling Regulations and the District Cooling Applicability Regulations, becoming the first regulatory authority in the MENA region to set up an integrated system for district cooling. Both SCL and SDCL will be the first district cooling schemes to receive the new license in Abu Dhabi. In related company news, Aldar inked an agreement with ADQ earlier this year to manage over Dhs30bn of capital projects.