MPREI signs agreement with TDIC to acquire 1st phase of Saadiyat Beach Residences on Saadiyat Island

Abu Dhabi, June 18, 2013 (WAM) - Mubadala Pramerica Real Estate Investors (MPREI) has announced an agreement with the Tourism Development and Investment Company (TDIC) for the acquisition of phase one of Saadiyat Beach Residences. Saadiyat Beach Residences are newly-built high-quality residential properties 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-storey 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 Pramerica Real Estate Investors, the global real estate investment management business of U.S. based Prudential Financial, Inc.. Pramerica Real Estate Investors is acting on behalf of its clients. Under the terms of the acquisition, the property is subject to a five-year leaseback to TDIC, in which the company will manage the leasing of the residences on behalf of MPREI. Phase one, which was launched in the fourth quarter of 2012, is currently 80 percent leased. In 2013, a number of important community services and developments will open to serve residents of the area. These include a mosque and an international school. Other amenities to be completed by year-end include a purpose-built nursery, a retail centre which will feature a grocery store, a pharmacy, a hair and nail salon and a coffee shop. – Emirates News Agency, WAM