Mubadala to buy stake in US realty firm

Abu Dhabi government investment firm Mubadala Development Company said on Sunday it was in discussions to buy a stake in a US real estate firm.

"We are in discussions to buy a stake in The John Buck Company," Carlos Obeid, chief financial officer (CFO) of Mubadala, told a news conference in Abu Dhabi on Sunday, without giving further details.

Mubadala said in a statement it had set up a new real estate company with Chicago-based The John Buck Company to develop projects in Abu Dhabi and the Middle East.

Known as John Buck International, the joint venture will be based in Abu Dhabi and will focus on real estate. leasing and management services, Mubadala said in a statement.

Mubadala did not give a value for the new company.

London-based magazine the Middle East Economic Digest (Meed) reported earlier this month the joint venture will first develop Suwa island in Abu Dhabi, which is being developed as a commercial centre for the city, in line with the Plan Abu Dhabi 2030 masterplan.

The island will include a stock exchange, along with commercial and residential buildings, a hotel and a hospital, Meed said. (Reuters)

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