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18.06.2013, 23:40

Sale and leaseback deal for Phase One of Saadiyat Beach Residences in Abu Dhabi

Author: News Editor

Mubadala Pramerica Real Estate Investors (MPREI) describe transaction as a model for future investment into the Emirate.

 

Joint-venture corporation Mubadala Pramerica Real Estate Investors (MPREI) which was created in 2010 to finance property deals and invest in housing for key workers, has announced the acquisition of the first phase of the Saadiyat Beach Residences development in Abu Dhabi.

Under the terms of the deal three, 5-storey blocks of 95 flats which have already been completed and 80 per cent let, will be subject to a five-year leaseback to master developer, Tourism Development and Investment Company (TDIC).

TDIC has been responsible for several developments on Saadiyat Island including golf course and luxury hotels and is also master developer for the Louvre Abu Dhabi.

MPREI Board member, Gaston Urda of Mubadala, spoke of his company's aim of "attracting long-term investors to the real estate sector" by financing similar transactions in the future.

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