Aldar Properties has sold the Yas Marina Circuit, home of the Abu Dhabi Grand Prix, to the Abu Dhabi government for US$1.32 billion.

The track, which was the site of the first day/night race in the history of Formula One last year, is one of a number of assets included in a property deal worth a total of US$2.48 billion.

Aldar is Abu Dhabi's largest property developer by market capitalisation, but reported a 70.59 per cent drop in profits for the last financial year with a net loss of US$153.2 million for the fourth quarter of 2009. It is hoped that the sale will serve to enhance the company's cash flow and reduce its debt.

The circuit is the most expensive ever constructed for Formula One, and was added to the calendar for the final round of the 2009 season. It forms part of a huge leisure complex project set to cost US$36 billion, with the completion of the Ferrari World and Warner Bros theme parks, the Yas Mall and a world championship golf course expected by the middle of this year.

• Khaldoon Al Mubarak is Abu Dhabi's man of sport

Speaking to the Press Association last year, Yas Marina Circuit chief executive Richard Cregan said, "My brief is to make money and that's come from our chairman, His Excellency [Yas Marina Circuit chairman Khaldoon Khalifa al Mubarak]. He has made that very clear. What's expected is we make money, we make this place pay, that Yas Marina becomes a successful project in terms of financial issues as well as everything else."