Cushman & Wakefield Core assisted in H&H’s sale of DIFC’s Project Alia.

Alia Case Study

H&H & Aldar

01 The Opportunity

Due to the strong relationship between Cushman & Wakefield Core and H&H, Cushman & Wakefield Core discovered that H&H is considering selling one of their developments, Project Alia. Project Alia is part of a larger state-of-the-art development within DIFC, consisting of office, retail, hospitality and residential space. Project Alia features a 40-floor LEED Platinum grade-A office tower and prime retail space, totaling over 500,000 sq.ft. of leasable area. Such a significant sale would only occur if the right party with serious intentions comes forward, with the process guided by a trusted advisor.

02 The Solution

Cushman & Wakefield Core recognized that Aldar would be the ideal party to connect with this opportunity, given their eagerness to invest in an DIFC opportunity like this one. H&H entrusted CWC to approach Aldar on an off-market basis for the potential disposition, acting as their exclusive advisor. Cushman & Wakefield Core developed the financial model that formed the basis of the subsequent negotiations over the following months. After agreeing on the price, Aldar commenced their due diligence on this substantial forward purchase. Cushman & Wakefield oversaw the Q&A process, advised on the commercial negotiations, and monitored changes within the development, working closely with all involved parties.

03 The Approach

After in total 8 months, consisting of preparation, LOI negotiations, due-diligence phase, and SPA negotiations, Aldar acquired this prime commercial development in a record-breaking AED 2.3 billion transaction. An absolute milestone for both H&H and Aldar. The deal was signed even before groundbreaking of the development. H&H will continue the development and transfer the property upon completion in 2028. This transaction underlines Cushman & Wakefield Core’s competence being the trusted advisor on advising and overseeing large and complex real estate transactions such as this landmark sale in DIFC.