International law firm CMS has advised Aldar Properties (“Aldar”) on its joint venture with Dubai Holding to develop three new residential communities in Dubai consisting of over 9,000 residential units.
The agreement marks Aldar’s first entry into the Dubai Real Estate Market as part of its broader expansion plans into new markets, adding considerable weight to its development pipeline. Under the agreement, Aldar will be responsible for the full development cycle of the three communities, including concept design, sales, delivery and management of the developments.
The three communities will comprise villas, townhouses, and apartments supported by retail and community facilities spread over 38.2 million sq ft of land in Dubai, with launches planned to start in 2023.
CMS advised Aldar on all aspects of the joint venture, from the initial structuring phases through to completion.
The CMS team was led by partner John O’Connor (head of corporate & commercial Dubai, pictured left) and partner Geoff Smith (head of real estate Dubai, pictured right) supported by senior associate Kiren Matharu, associate Fawzi Oueidat and Virginia Sanchez–Eguibar (corporate) and Mai Marshad and Georgie Rossall (real estate).