15 Jul 2010
(MENAFN) Mubadala Development Co., an Abu Dhabi government investment firm, and Pramerica Real Estate Investors have agreed to launch a joint-venture company that will raise capital to fund and invest in real-estate projects in Abu Dhabi and abroad, Gulf News reported.
Mubadala Pramerica Real Estate Investors will be headquartered in Abu Dhabi and has an initial mandate of to create investment opportunities to fund real-estate opportunities in Abu Dhabi, where a projected surge in population has created great demand for affordable residential properties.
A shortage of bank lending provides a near-term opportunity for investors to fill the gap and provide capital to pre-let projects with secure tenancies, said Charles Pardoe, managing director of Mubadala Pramerica REI.
The company will eventually offer products to institutional investors globally across the spectrum of real-estate categories, including products tailored for family office and high net worth investors from the region, the statement said
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