Arcapita buys Saadiyat Beach Residences
Arcapita reportedly paid $200 million for the acquisition, although company officials declined comment on the purchase price.
Saadiyat is a 16.7-square-mile, multi-faceted island destination featuring a wide range of luxurious hotels and resorts, a beach club, a world-class golf course and a variety of other retail offerings.
"Abu Dhabi provides real estate investors with exposure to the (Gulf Cooperation Council) region, while offering steady and stable growth prospects," Martin Tan, Arcapita's chief investment officer, said. "We believe that our investment in Saadiyat offers a unique access to the residential real estate sector in Abu Dhabi, which is driven by significant government-led development projects and a growing population coupled with limited high-quality residential supply. We are acquiring a high-end residential complex which provides residents with a luxury home experience and a strategic location close to Abu Dhabi's central business district."
The residential complex is composed of three low-rise buildings within a gated community and is under a three-year master lease to the Tourism Development & Investment Co. Developed in 2013 to quality standards, the residential complex is composed of 285 one- to three-bedroom apartments and is designed to foster a close-knit community in addition to providing high-end facilities and amenities.