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A logo of ALDAR Properties |
ALDAR Properties, A leading real estate developer in Abu Dhabi, plans to launch a $1 billion realty fund next year and is looking at acquisitions in the US and Europe, its CEO said. ALDAR will also tap the debt markets further this year to help finance its expansion plans, Ronald Barrott said.
"The first fund is at least nine months away. We aim to bring new investors into those funds and achieve a sale inside the business enabling us to retain a proportion of the fund," Barrott said.
The funds would be for retail, commercial, hospitality and residential real estate units. The real estate firm in UAE capital, with about $70 billion worth of projects, has been raising funds as it leads the Abu Dhabi Government's drive to develop residential and leisure districts in the world's fifth-largest oil exporter.
