Bahrain-based global investment manager Arcapita said it has acquired the first phase of Saadiyat Beach Residences, a premium residential apartment complex located in 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 Abu Dhabi Tourism Development & Investment Company (TDIC).

Developed by TDIC in 2013 to high-quality standards, the property comprises 285 one- to three-bedroom apartments and is designed to foster a close-knit community in addition to providing high-end facilities and amenities.

Arcapita’s chief investment officer Martin Tan said Abu Dhabi provides real estate investors with exposure to the GCC region, while offering steady and stable growth prospects.

"We believe that the 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," he noted.

"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," added Tan.

Commenting on the move, CEO Atif A Abdulmalik said: "We are pursuing investments in sectors where Arcapita’s management team has built a significant track record and capabilities, such as residential real estate. We are pleased to announce our first investment in Abu Dhabi, one of the most established economies in the Middle East."

"We are actively developing our global deal pipeline and expect to complete additional investments during 2015," he added.

Saadiyat is a 27-sq-km 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.-TradeArabia News Service