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Mubadala & Capitaland launch joint venture real estate company capitala – new Abu Dhabi based mast

Mubadala Development Company (Mubadala) and CapitaLand today announced the launch of a joint venture real estate company – Capitala, a new Abu Dhabi based strategic master planner and developer. Capitala’s strategy will focus on designing, building, managing, operating and maintaining mixed use, predominantly residential developments.

21 April 2008

Mubadala Development Company (Mubadala) and CapitaLand today announced the launch of a joint venture real estate company – Capitala, a new Abu Dhabi based strategic master planner and developer. Capitala’s strategy will focus on designing, building, managing, operating and maintaining mixed use, predominantly residential developments.

Abu Dhabi is experiencing tremendous expansion with population growth projected to be over three million by 2030, therefore first-rate real estate developments are essential to meet future requirements. Mubadala, as an investment company at the forefront of Abu Dhabi’s economic diversification, has partnered with CapitaLand for their outstanding track-record in quality real estate development and services throughout the entire real estate value chain ranging from investor, developer, property manager and operator to financial services advisor and fund manager.

Headquartered in Singapore, CapitaLand is the largest real estate company in South East Asia by market capitalisation, the largest owner/manager of retail malls in Asia and the largest serviced residence owner-operator worldwide. Its real estate and hospitality portfolio today spans more than 100 cities in over 20 countries and includes landmark projects such as Clarke Quay in Singapore, Freshwater Place in Melbourne, Canary Riverside in London, and Raffles City integrated developments in Singapore and Shanghai. CapitaLand is also currently developing Bahrain’s waterfront Raffles City.

“Through this joint venture we will turn property development ideas into reality,” stated Carlos Obeid, Chief Financial Officer of Mubadala. “Our strategy of making capital-intensive investments with long-term horizons will contribute to the regeneration of property in Abu Dhabi as well as enhance the real estate sector in the Emirate.” He added, “Capitala, our new real estate company, will leverage the strengths of its founding partners to create communities in line with the visionary and comprehensive framework of ‘Plan Abu Dhabi 2030’. At Capitala we have an experienced and strong team in place and the CEO Mr Derrick Denholm will come on board shortly.”

For CapitaLand, Heang Fine Wong, Chief Executive Officer of CapitaLand GCC Holdings Pte. Ltd. and CapitaLand ILEC Pte. Ltd. commented, “We are excited to be celebrating an outstanding strategic partnership with Mubadala, one of the leading and most respected companies not only in the UAE but in the global arena as well. Capitala’s developments will go beyond being mere functional property space.” He added, “they will be living, vibrant and integrated communities that meet the evolving needs of Abu Dhabi, blending the best cutting edge international design and development expertise seamlessly with the needs of local culture for community living.”

Capitala will leverage the complementary strengths of its founding partners, their expertise, track record and unparalleled local knowledge to deliver world class destination communities in Abu Dhabi.

Capitala’s flagship project, due to be launched in the next few weeks, will be on the land surrounding Zayed Sport City Stadium. A mixed use integrated development that spans across a 1.4 million-square meter site together with a 2 kilometre prime waterfront area.

Mubadala is the majority shareholder of Capitala, holding a 51% stake. CapitaLand holds the remaining 49% stake.