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Tue 14 Jul 2015 11:18 AM

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Bahrain's Arcapita buys part of Abu Dhabi property project for $200m

Investment management firm has acquired phase one of Saadiyat Beach Residences from Mubadala Development

Bahrain's Arcapita buys part of Abu Dhabi property project for $200m

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.

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