MPREI signs agreement with TDIC to acquire 1st phase of Saadiyat Beach Residences on Saadiyat Island
Almasalla Travel News – Ashraf El gedawy – Mubadala Pramerica Real Estate Investors (MPREI) has announced an agreement with the Tourism Development and Investment Company (TDIC) for the acquisition of phase one of Saadiyat Beach Residences.
Saadiyat Beach Residences are newly-built high-quality residential properties located on Saadiyat island in Abu Dhabi. The completed project will include a total of 495 units in six low-rise apartment buildings situated in a private gated community.
Phase one of the development consists of 285 units over three separate five-storey buildings, each containing 95 units in a mix of one, two and three-bedroom apartments. Phase two, which is scheduled for completion in the third quarter of this year, consists of 210 units of one to four-bedroom apartments.
Mubadala Pramerica Real Estate Investors is a 50/50 joint venture between Mubadala Development Company and Pramerica Real Estate Investors, the global real estate investment management business of U.S. based Prudential Financial, Inc.. Pramerica Real Estate Investors is acting on behalf of its clients.
Under the terms of the acquisition, the property is subject to a five-year leaseback to TDIC, in which the company will manage the leasing of the residences on behalf of MPREI. Phase one, which was launched in the fourth quarter of 2012, is currently 80 percent leased.
"This transaction demonstrates the quality of the real estate investment opportunities in Abu Dhabi today," said Joe Bonner, Chief Investment Officer for MPREI. "Saadiyat is becoming a true destination for the region, and one which holds the prospect of strong financial returns for our business." Saadiyat island, which is already home to a world-class golf course, several five-star hotels and the Louvre Abu Dhabi, Zayed National Museum and Guggenheim Abu Dhabi museum, was developed by TDIC, the master developer of major tourism, cultural and residential destinations in Abu Dhabi.
Ahmed Al Fahim, Executive Director of Marketing, Communications, Sales and Leasing at TDIC commented, "This important acquisition by MPREI is a reflection of the high level of interest from global investors in Saadiyat and the local real estate market. We are confident that our exclusive residential communities will continue to attract interest from high-calibre global investors, as we deliver ongoing quality projects on Saadiyat." The joint venture brings together best-in-class expertise and knowledge to offer highly attractive investment opportunities.
"The real estate market in Abu Dhabi and the broader GCC provides exciting investment opportunities, and through our joint venture we aim to attract long-term investors to the real estate sector," said Gaston Urda of Mubadala and a member of the MPREI Board of Directors.
In 2013, a number of important community services and developments will open to serve residents of the area. These include a mosque and an international school. Other amenities to be completed by year-end include a purpose-built nursery, a retail center which will feature a grocery store, a pharmacy, a hair and nail salon and a coffee shop.
WAM/AM/CM
