Investment management firm has acquired phase one of Saadiyat Beach Residences from Mubadala Development
Arcapita, the Bahrain-based investment management firm, has acquired phase one of Saadiyat Beach Residences, a residential real estate complex in Abu Dhabi, the company said in a statement on Tuesday.
The size of the purchase was not disclosed in the statement but a source close to the deal said it was around $200 million.
Arcapita bought the asset from Mubadala Development, an Abu Dhabi state-owned fund with a mandate to develop the emirate's economy, the statement said.
Phase one includes three low-rise buildings in a gated community and is under a three-year master lease to Tourism Development & Investment Co, an Abu Dhabi state-owned investment fund. It features 285 one- to three-bedroom apartments.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.