By Andy Sambidge
Dubai-based joint venture agrees to buy 202-unit building in Marina Square on Reem Island
Aldar Properties on Monday announced the completion of the sale of a residential tower in Abu Dhabi to MAG F5 Holdings, a joint venture between MAG Group and Fortune|5 Investments.
The tower, located in Marina Square on Reem Island, comprises 202 completed units that are ready for handover across 44,424 square metres of sellable area, the Abu Dhabi developer said in a statement.
Mohammed Al Mubarak, Aldar's CEO, said: "The sale of the residential tower is part of our broader strategy of injecting capital into new developments and to diversify Aldar's customer base with institutional investors.
"This is the first major acquisition by a Dubai-based investor in a number of years and demonstrates stronger investment ties between the two emirates."
Talal Al Gaddah, MAG Group's board member, added: "The acquisition of the residential tower complements our vision to grow our company's investment sector and create alliances with leading UAE businesses."
Prem Gopalani, executive chairman of Fortune|5 Investments, said: "Abu Dhabi has always been on our radar for various investments, and this joint acquisition marks a unique milestone for us. More importantly, we are setting the standards as top investment companies joining together to expand across the emirates with a strong and positive presence."
MAG Group and Fortune|5 Investments both have a history of successful acquisitions together in Dubai, their most recent being in Meydan City.