Fund acquires phase one of Saadiyat project

Abu Dhabi: Mubadala Pramerica Real Estate Investors (MPREI) signed an agreement with the Tourism Development and Investment Company (TDIC) on Monday to acquire the first phase of Saadiyat Beach Residences on Saadiyat Island.

Saadiyat Beach Residences is a newly built residential property located on Saadiyat Island in Abu Dhabi. The final project will include 495 units in six low-rise apartment buildings within a private, gated community.

Phase one of the development consists of 285 units. Phase two, which is scheduled for completion in the third quarter of this year, consists of 210 units of one to four-bedroom apartments.

Under the 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 of Saadiyat Beach Residences, which was launched in the fourth quarter of 2012, is currently 80 per cent leased.

“The real estate market in Abu Dhabi and the broader GCC provides exciting investment opportunities and through our joint venture, we aim to attract long-term investors to the real estate sector,” said Gaston Urda, member of the MPREI board of directors.

In 2013, several important community services and developments will be open to serve residents in the area, including a purpose-built nursery, a retail centre which will feature a grocery store, a pharmacy, a hair and nail salon and a coffee shop.