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IIB Abu Dhabi Properties 1 (UAE)
IIB has entered into partnership in 2007 with UAE based United Friends Company to acquire two plots of land (plot 14 and 15) in Danet Abu Dhabi Master project having a total area of 10,796 m2 (116,211 ft2) and to develop them into twin towers at a total cost of US$ 197.4 million. Each of the towers will comprise of 21 floors with the towers connected at the podium and the basement levels. One of the towers will be exclusively used for office purposes while the other will have residential units. The building will also include retail and entertainment units, as well as car parking for 1017 cars. The office and residential units will be let initially and then sold.
Danet Abu Dhabi Master Development project is the initiative of Al Qudra Real Estate Holding. It is strategically located at Airport Road which is one of the prime places outside the investment zones of Abu Dhabi.
Given the strategic location of the project and the growing demand for office and residential sectors, the project is expected to offer an Internal Rate of Return ("IRR") in excess of 24% per annum over a five year investment horizon.
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