PRESSR: Abu Dhabi Commercial Bank announces the completion of the sale of 80% of its stake in Abu Dhabi Commercial Real Estate Company to Nine Yards Plus Holding Company
Abu Dhabi: Abu Dhabi Commercial Bank signed an agreement to sell 80% of its stake in Abu Dhabi Commercial Real Estate Company, wholly owned by the bank, to Nine Yards Plus Holding Company (“Nine Yards Plus”), a subsidiary of EAH Ithmaar International Holding PJSC. " Its main real estate arm.
According to the agreement, Abu Dhabi Commercial Real Estate Company was valued at 591 million dirhams, and the bank will achieve profits of approximately 490 million dirhams after meeting the completion requirements before the end of December 2023.
In this context, this agreement brings great value to shareholders and is fully consistent with ADCB's strategy to enhance and expand the scope of core banking businesses. In addition, this agreement contributes to establishing a solid foundation for further growth for Abu Dhabi Commercial Real Estate Company. The bank will also retain a 20% stake in Abu Dhabi Commercial Real Estate Company and will continue its partnership under a long-term agreement.
On this occasion, Alaa Erekat, CEO of Abu Dhabi Commercial Bank Group, said: “Abu Dhabi Commercial Bank is proud of the success achieved by Abu Dhabi Commercial Real Estate Company and the fact that it has become one of the leading companies in the field of providing real estate services. This agreement contributes to achieving great value for the bank’s shareholders and also guarantees “Advancing the company’s growth through this strategic cooperation with Nine Yards Plus. I would like to take this opportunity to express my appreciation to Abu Dhabi Commercial Real Estate Company’s customers, employees and partners for their continued support and contribution to achieving continued success.”
For his part, Ali Al Jubaili, Managing Director and CEO of EH Group, said: “We are pleased to announce the acquisition of a majority stake in Abu Dhabi Commercial Real Estate Company, which is a leading company in the property management services sector in Abu Dhabi. This agreement will contribute to supporting the ambitious vision of the company.” "Nine Yards Plus" to advance future lifestyles in the UAE and the region. We look forward to continuing our partnership with Abu Dhabi Commercial Bank to further develop this platform in a way that ensures achieving additional value for our customers and providing them with high-quality services.”
It is worth noting that Nine Yards Plus Holding, the real estate arm of EH Ithmaar International Holding Group, a rapidly growing investment holding group based in Abu Dhabi, operates in nine diverse sectors including energy, real estate, alternative investment, technology, healthcare, travel, tourism, hospitality, vehicles and trade. And the financial services sector.
Abu Dhabi Commercial Real Estate Company was established in 2006, and it is a leading company in the field of real estate management that provides its services to a wide base of real estate owners. The company currently manages 1,900 buildings, including about 51,000 residential and commercial units. It is worth noting that Abu Dhabi Commercial Real Estate Company will maintain its independent legal personality and its own brand, ensuring the continuity of its operations and activities and continuing to provide the best services to its customers. The company will continue to benefit from the prestigious position of Abu Dhabi Commercial Bank, its financial expertise and its established network of relationships, in addition to the real estate expertise and rapid growth of Nine Yards Plus Holding Company.
Barclays Bank, through its investment bank, acted as the sole financial advisor to Abu Dhabi Commercial Bank in the transaction, and Deloitte, for its part, provided advice on establishing due diligence procedures in the sale deal, and Clifford Chance was appointed as legal advisor to Abu Dhabi Commercial Bank. On the other hand, Grant Thornton, Alvarez & Marsal and Al Tamimi were appointed to conduct due diligence procedures and provide legal advice to Nine Yards Plus in the purchase deal.
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