ABU DHABI-Contrary to prior reports, the locally-based and state-owned Mubadala Development Co. will not be taking a majority stake in the Chicago-based John Buck Co., a real estate company that has redeveloped or acquired more than 45 properties in excess of 28 million sf of office, retail, hotel and residential projects. The two companies are forming John Buck International, a company that will develop properties here and throughout the Middle East. Mubadala will have a 51% stake in JBI, a spokesman tells GlobeSt.com. “It’s not the case that we’ll have a majority stake in JBC,” he says. “We have been discussing a range of possibilities (to buy into part of JBC), but there’s been no equity stake agreed to.”

The spokesman tells GlobeSt.com that Mubadala was looking for specific real estate expertise to do a joint venture. “JBC is one of the best US companies,” the spokesman says. “It’s about accessing that expertise, and earning world-class returns.”

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