Mubadala Development has sold the first phase of its Saadiyat Beach Residences apartment complex on Saadiyat Island to Bahrain-based alternative investment fund Arcapita.

The complex of three low-rise residential buildings containing 285 apartments is situated within a gated community and is currently leased to Saadiyat Island’s master developer, Tourism Development & Investment Company.

Mohammed Chowdhury, the managing director at Arcapita, declined to comment on a reported sale price of $200 million, citing confidentiality agreements signed with Mubadala.

However, he said that the deal was an off-market transaction which had been generated as a result of an existing relationship between the organisations.

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