Mubadala Development Company has sold the first phase of its Saadiyat Beach Residences apartment complex on Saadiyat Island for an undisclosed sum.
The complex of three low-rise residential buildings containing a total of 285 apartments has been sold to Bahrain-based alternative investment fund Arcapita.
The complex is situated within a gated community and is currently leased to Saadiyat Island’s master developer, Tourism Development & Investment Company in Abu Dhabi.
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.”
Saadiyat is a 27-square-kilometre island that already features a number of five-star hotels and resorts, a beach club, golf course and leisure and retail development.
The first of three museums within the island’s cultural district, the Louvre Abu Dhabi, is scheduled to complete by the end of this year.
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