Midas buys Business Bay’s U-Bora Towers
The commercial component of U-Bora Towers at Dubai’s Business Bay was purchased on Tuesday by Midas International Asset Management Co. Ltd., the first international asset management fund to invest in the Bay.
The 2.5 million square feet U-Bora Towers project will comprise the 'grade A' commercial tower and a luxury residential tower, according to Khaleej Times.
The announcement came from Dubai Properties and South Korea's Bando Engineering and Construction, which signed a $300 million development deal at the time that Midas was actively seeking opportunistic real estate investments overseas.
"The U-Bora Towers project is the first South Korean development project in Dubai,” said Hong-Sa Kwon, Chairman of Bando.
“It has generated widespread interest, within and outside South Korea, among various institutional investors looking for premium development projects," he added.
Bando, which has a 40,000 sq ft sales centre that is nearing completion on Shaikh Zayed Road, reportedly aims to launch the residential component of U-Bora Towers both in Korea and Dubai.
"The deal is another crucial vote of confidence for Dubai Properties from the international community. The UAE's world-class infrastructure and international business standards have sparked the interest of global investors who are continuously assessing investment opportunities in Dubai,” said Hashim Al Dabal, CEO, Dubai Properties.
Midas currently manages assets worth approximately $4 billion.