MANAMA, Bahrain, July 15, 2015 /PRNewswire/ --
Arcapita, the global investment management firm, announced today that it has acquired phase one of Saadiyat Beach Residences, a premium residential apartment complex located on Saadiyat, Abu Dhabi, from Mubadala Development Company.
The size of the purchase was not disclosed in the statement but a source close to the deal said it was around $200 million.
The residential complex is composed of three low-rise buildings within a gated community and is under a three-year master lease to the Tourism Development & Investment Company (TDIC). Developed by TDIC in 2013 to high-quality standards, the residential complex is composed of 285 one to three-bedroom apartments and is designed to foster a close-knit community in addition to providing high-end facilities and amenities.
Martin Tan, Arcapita's Chief Investment Officer, said, "Abu Dhabi provides real estate investors with exposure to the GCC region, while offering steady and stable growth prospects. We believe that the our investment in Saadiyat offers a unique access to the residential real estate sector in Abu Dhabi, which is driven by significant government-led development projects and a growing population coupled with limited high-quality residential supply. We are acquiring a high-end residential complex which provides residents with a luxury home experience and a strategic location close to Abu Dhabi's central business district."
Atif A. Abdulmalik, Arcapita's Chief Executive Officer, commented, "We are pursuing investments in sectors where Arcapita's management team has built a significant track record and capabilities, such as residential real estate. We are pleased to announce our first investment in Abu Dhabi, one of the most established economies in the Middle East. We are actively developing our global deal pipeline and expect to complete additional investments during 2015."
Saadiyat is a 27 square kilometer multi-faceted island destination featuring a wide range of luxurious hotels and resorts, a beach club, a world-class golf course and a variety of leisure and retail offerings, while also providing world-renowned educational opportunities. The island's cultural district will encompass high profile museums including the Louvre Abu Dhabi, Guggenheim Abu Dhabi and Zayed National Museum. The New York University Abu Dhabi campus is also located on Saadiyat, which is located five minutes from downtown Abu Dhabi.
The transaction was partly funded by a Sharia'ah-compliant financing facility provided by Abu Dhabi Commercial Bank.
Contact: Maryam Salem +97317430001
SOURCE Zajil Press