MPREI Signs Agreement with TDIC to Acquire First Phase of Saadiyat Beach Residences on Abu Dhabi's S
MPREI Signs Agreement with TDIC to Acquire First Phase of Saadiyat Beach Residences on Abu Dhabi's Saadiyat Island
ABU DHABI, United Arab Emirates--(BUSINESS WIRE)-- Mubadala Pramerica Real Estate Investors (MPREI) signed an agreement with Tourism Development & Investment Company (TDIC) of Abu Dhabi for the acquisition of Phase One of Saadiyat Beach Residences.
Saadiyat Beach Residences is a newly built luxury residential property located on Saadiyat Island in Abu Dhabi. The completed project will include a total of 495 units in six low-rise apartment buildings situated in a private, gated community. Phase One of the development consists of 285 units over three separate five-story buildings, each containing 95 units in a mix of one, two and three-bedroom apartments. Phase Two, which is scheduled for completion in the third quarter of this year, consists of 210 units of one-to-four-bedroom apartments. Mubadala Pramerica Real Estate Investors is a 50/50 joint venture between Mubadala Development Company and Prudential Real Estate Investors, which does business as Pramerica in the Middle East and Europe. PREI® is the global real estate investment management business of Newark, N.J.-based Prudential Financial, Inc. (NYS: PRU) , which is acting on behalf of its clients.
Under terms of the acquisition, the property is subject to a five-year leaseback to TDIC, in which the company will manage leasing the residences on behalf of MPREI. Phase One, which was launched in the fourth quarter of 2012, is currently 80 percent leased.
"This transaction demonstrates the quality of the real estate investment opportunities in Abu Dhabi today," said Joe Bonner, chief investment officer for MPREI. "Saadiyat is becoming a true destination for the region, and one which holds the prospect of strong financial returns for our business."
Saadiyat Island, which is already home to a world-class golf course, several five-star hotels and the future Louvre Abu Dhabi, Zayed National Museum and Guggenheim Abu Dhabi museum, was developed by TDIC, the master developer of major tourism, cultural and residential destinations in Abu Dhabi.
"This important acquisition by MPREI is a reflection of the high level of interest from global investors in Saadiyat and the local real estate market," said Aahmed Al Fahim, executive director of marketing, communications, sales and leasing at TDIC. "We are confident that our exclusive residential communities will continue to attract interest from high-caliber global investors, as we deliver ongoing quality projects on Saadiyat."
Gaston Urda of Mubadala and a member of the MPREI Board of Directors, added, "The real estate market in Abu Dhabi and the broader Gulf Cooperation Council countries provide exciting investment opportunities, and through our joint venture, we aim to attract long-term investors to the real estate sector."
Apartments within the property feature stainless steel kitchen appliances and other premium finishes and fittings, along with covered outdoor barbecue areas with kitchenettes, adult and children's swimming pools, tennis and basketball courts and fully-equipped gymnasiums.
Mubadala Pramerica Real Estate Investors, headquartered in Abu Dhabi, is a joint venture between Mubadala and Pramerica Real Estate Investors, the European arm of the real estate investment and management business of Prudential Financial, Inc. (NYS: PRU) . The joint venture brings together best in class expertise and knowledge to offer highly attractive international investment opportunities, advice and management services in the real estate market.
Mubadala Development Company (Mubadala) is a catalyst for the economic diversification of Abu Dhabi. Established and owned by the Government, the company's strategy is built on the management of long-term capital-intensive investments that deliver strong financial returns and tangible social benefits for the Emirate. Mubadala brings together and manages a multi-billion dollar portfolio of local, regional and international investments. The company partners with leading global organizations to operate businesses across a wide range of industry sectors including aerospace, energy and industry, healthcare, information communications and technology, infrastructure and real estate. By doing so, Mubadala accomplishes its mission to expand the economic base of the Emirate and contribute to the growth and diversification of the Abu Dhabi economy. For more information about Mubadala, its partnerships and activities please visit http://www.mubadala.ae.
Prudential Real Estate Investors is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America. Headquartered in Madison, N.J., the company also has offices in Atlanta, Chicago, Miami, New York, San Francisco, Lisbon, London, Luxembourg, Munich, Frankfurt, Paris, Abu Dhabi, Istanbul, Mexico City, Sao Paulo, Beijing, Hong Kong, Seoul, Singapore, and Tokyo. In addition, the company has representatives in Milan and is establishing a presence in Sydney, pending regulatory approval. Pramerica Real Estate Investors has gross assets under management of USD $52.2 billion and net asset value of $36.0 billion, as of December 31, 2012. For more information, visit http://www.prei.com.
PFI's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., the company's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/ . PFI of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom.
KEYWORDS: United Arab Emirates United States North America New Jersey New York Middle East
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