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ADCB considers possible sale of its real estate division
Oct 27, 2022
ADCB considers possible sale of its real estate division Dubai
By   Internet
  • City News
  • ADCB
  • ADCP
  • Dubai
Abstract: Abu Dhabi Commercial Properties manages more than 57,000 units in the UAE.

A major Abu Dhabi bank is considering the possibility of divesting its real estate subsidiary, which is also one of the largest property management companies in the UAE.

 

Abu Dhabi Commercial Properties manages a portfolio of more than 2,000 buildings representing over 57,000 residential and commercial units.

 

Discussions have been held with potential suitors regarding a sale.

 

According to a real estate market source, ADCP's portfolio is huge and most of its assets are substantial. A divestment would earn ADCB top dollar.

 

Real estate values in the UAE are rising and ADCP has been a cash generating business. This would also be valuable to any new owner given the sizable office portfolio held by ADCP.

 

ADCB has not given a timeline as to when it hopes to finalize such an outcome.

 

The process may or may not result in a deal, and if there is substantial progress, ADCB will update the market in line with the bank's commitment to the highest standards of regulatory disclosure.

 

As is the case with other major UAE banks, ADCB reported an outstanding set of financial data for the first six months of 2022.

 

The upcoming third quarter 2022 results should be a continuation of this, analysts say.

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ADCB considers possible sale of its real estate division
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