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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.”

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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