Arcapita, the global investment management firm, announced today that it has acquired phase one of Saadiyat Beach Residences, a premium residential apartment complex located on Saadiyat, Abu Dhabi, from Mubadala Development Company.
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 Company (TDIC). Developed by TDIC in 2013 to high-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.
Saadiyat is a 27 km² 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 leisure and retail offerings, while also providing world-renowned educational opportunities. The island’s cultural district will encompass high profile museums including the Louvre Abu Dhabi, Guggenheim Abu Dhabi and Zayed National Museum. The New York University Abu Dhabi campus is also located on Saadiyat, which is located five minutes from downtown Abu Dhabi. The transaction was partly funded by a Sharia’ah-compliant financing facility provided by Abu Dhabi Commercial Bank.