CBRE exclusively appointed for EDB’s UAE property sale

Global real estate advisor, CBRE, has been exclusively appointed by the UAE’s development bank, Emirates Development Bank (EDB), to advise on the sale of its former UAE office headquarters in Abu Dhabi and Dubai, as well as the residential portfolio in Abu Dhabi.

The first office component is the former EDB headquarter building located in the Al Nahyan office district in Abu Dhabi. It sits on a 9,000 sqft plot arranged over six floors, out of which two are fully fitted and the remaining four are shell and core, providing grade office space in a central location in the UAE capital city.

The remaining office component of the portfolio in Dubai is the full EDB building located in Deira City Centre’s office precinct, providing 90,000 sqft of grade A office space across 11 floors. The building offers large floor plates of up to 10,500 sqft with efficient layouts and floor-to-ceiling windows, convenient for large occupiers looking for full or multiple consecutive floors. The other office component in Dubai comprises four floors in the EDB building located in Al Garhoud, providing 45,000 sqft of grade A office space within close distance of Dubai Festival City and Dubai International Airport.

EDB’s residential portfolio is composed of 191 residential apartment units in Al Maha Tower located on the waterfront in the Marina Square district of Abu Dhabi’s Reem Island. The luxury development offers a unit mix of one, two, three and four-bedroom ready apartments with exceptional facilities, including various retail and commercial outlets.

The commercial and residential assets will offer modern luxury living, as well as a home for leading businesses in some of the UAE’s prime locations. CBRE is appointed to provide exclusive sales and marketing advice throughout the process.

Nick Carlile, senior director – advisory and transactions at CBRE in Dubai, comments: “We are excited to support EDB with the sale of a selection of its key commercial and residential assets across Dubai and Abu Dhabi. Its former headquarters are well-known landmarks in strategic locations, and with very few prime office buildings available in Dubai, CBRE anticipates that the properties will attract the interest of a great mix of regional and multi-national parties.”