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Arcapita, the global investment management firm, has acquired phase one of Saadiyat Beach Residences, a premium apartment complex on Saadiyat Island in Abu Dhabi, from Mubadala Development Company.
The residential complex comprises three low-rise buildings in a gated community and is under a three-year master lease to the Tourism Development and Investment Company (TDIC). Developed by TDIC in 2013, it has 285 one- to three-bedroom apartments and is designed to foster a close-knit community in addition to providing high-end facilities.
“Abu Dhabi provides real estate investors with exposure to the GCC while offering steady and stable growth prospects,” said Martin Tan, Arcapita’s Chief Investment Officer. “We believe that 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.”
The transaction was partly funded by a Sharia-compliant financing facility provided by Abu Dhabi Commercial Bank.
Saadiyat is a 27-sq-km multifaceted island destination featuring a wide range of luxurious hotels and resorts, a beach club, world-class golf course and a variety of leisure, retail and artistic offerings.
“We are pleased to announce our first investment in Abu Dhabi, one of the most established economies in the Middle East,” said Atif A. Abdulmalik, Arcapita’s CEO. “We are actively developing our global deal pipeline and expect to complete additional investments during 2015.”
Source: Property Weekly