Aldar Properties (Aldar) has announced it had acquired Daman House, a commercial office building, located in Capital Centre Abu Dhabi. Daman House’s GLA is estimated at 23,000 sqm of Grade A commercial space, that is fully leased on a long-term contract to one government related entity. The transaction comes as part of the company’s wider plan to grow its recurring revenue portfolio, through investing in both, existing the new assets. The company has committed c.AED900 million, representing roughly 30% of its newly-launched AED3 billion investment programme, to the Daman House transaction, as well as two other transactions, namely: i) the planned extension of Al-Jimi Mall in Al-Ain, which is expected to cost AED410 million to grow GLA from 33,000 sqm to 43,000 sqm; and ii) the AED160 million worth of expansion within Aldar Academies. All three investments will be funded through existing cash resources. They will contribute c.AED90 million to net operating income when fully stablised. (ADX)