Abu Dhabi Investment House (ADIH) has announced the partial exit of its Porta Reef Fund, which funded the purchase and development of three 10-storey residential towers on Reef Island.

'During the current tough global economic environment, the ADIH team continues to diligently work on safeguarding investors' interest, said ADIH chief executive officer Fawaz Ali Al Jowder.

'The partial exit of Porta Reef demonstrates ADIH's commitment given the slowdown of the real estate market generally in the region during the first three quarters of 2009 which is also expected to continue at least in the short term.

'However, the prime location of Porta Reef within the high-end Reef Island and proximity to major attractions continues to position it as an attractive residential property to both investors and future residents.'

'The project generated significant interest from the local and GCC market and the sales team were able to translate these interests into sales that reached 80 per cent,' he added.

'In addition, the project successfully achieved major development milestones as completing the external work and interior finishing.

'With an expected handover of units in early 2010, Porta Reef will be the first completed project on Reef Island,' he added.

The $34 million Porta Reef Fund was set up in the last quarter of 2007 to finance the $90 million exclusive Porta Reef development.

Reef Island aims to attract high-net worth property investors from Bahrain as well as GCC residents who are looking for a distinctive second home.

The $1.25 billion freehold development project covers an area of just under 600,000 sq/m, of which Porta Reef occupies just over 16,000 sq/m.-TradeArabia News Service