ABU DHABI / WAM
National Central Cooling Company (Tabreed) announced the acquisition from Aldar Properties (Aldar) of 50% of the shares in S&T Cool District Cooling Company (S&T), a major district cooling provider on Reem Island in Abu Dhabi. Tabreed will own 100% of the company following completion of the transaction, subject to relevant regulatory approvals.
S&T’s district cooling plant on Reem Island has a connected capacity of over 31,500 refrigeration tons (RT) and provides cooling to prominent landmarks on Reem Island’s skyline such as Sun & Sky Towers, Gate Towers, The Arc and Shams Boutik mall. The transaction values S&T at AED348 million.
This acquisition is consistent with Tabreed’s strategy of acquiring additional district cooling assets to add to its existing portfolio in the region. The Reem Island plant is the 6th plant in Tabreed’s portfolio providing district cooling to Aldar developments. Jasim Husain Thabet, Tabreed’s CEO, said, “Tabreed is delighted to have completed this acquisition, especially as it serves a key Abu Dhabi growth area. The plant currently has over 31,500 RT of contracted capacity and we expect this to grow as new real estate developments in the area come online.”