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."
The venture will begin by being the lead developer and property manager of Abu Dhabi's new CBD on Al Suwa Island. "The Al Suwa mixed-use development covers 305 acres and will include Abu Dhabi's new stock exchange, four international grade A office towers, a five-star business hotel, serviced apartments and retail," the spokesman says. He says he doesn't have specific sf or cost details on the project.
Kent Swanson, CFO of JBC, tells GlobeSt.com that he can't comment too much on the venture. "It's a very exciting opportunity to expand our business platform," he says. "There's major activity out there, and it's great that we can be a part of it."
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