Abu Dhabi?s Mubadala Real Estate has announced that it plans to invest in the US and European property markets by early next year
According to Reuters, the real estate and infrastructure unit of Abu Dhabi fund Mubadala Development, also said it planned to eventually exit the property development segment in the UAE.
Mubadala Real Estate executive director Ali Eid Almheiri said, ?We have made a conscious shift in strategy where we don't want to compete with property developers. Going forward, we will focus more on being a real estate investor.?
The company is yet to determine how much capital it would require for this new strategy.
Besides the US and Europe, Mubadala Real Estate also plans to expand into the emerging markets in the near-term, said Almheiri.
The Mubadala Development fund is the largest shareholder in local developer Aldar Properties, with a 19.15 per cent interest.
Earlier this year, Aldar Properties and Sorouh Real Estate agreed to merge, that resulted in a business with US$13bn in assets. But Mubadala Development has no plans to sell its stake in Aldar Properties, Reuters reported.
