ACI Real Estate, an affiliate of Alternative Capital Invest GMBH of Germany, has signed a strategic partnership with Abu Dhabi based Al Odaid Real Estate.
The signature development, comprising of five residential towers are being built at Capital Bay, on Al Reem Island. Al Reem Island is located near the northern shores of Abu Dhabi, it is noted as an exquisite slice of natural paradise anchored on the pristine blue waters of the Arabian Sea. “This partnership with Al Odaid marks a new chapter in our expansion across the UAE. Moving to Abu Dhabi will not only add value to our portfolio, but it also demonstrates our commitment to align ourselves with industry leaders who share our passion for innovative real estate projects”, said Robin Lohmann, Managing Director of ACI.
All five towers are being built on one podium and will comprise 17 to 22 storeys by offering studios, one and two bedroom apartments to its customers on a total built up area of 1.2 million square feet. In addition, the residents will also have the opportunity to explore a plethora of state-of-the-art facilities, such as underground and podium parking, roof top pools, gymnasiums and jacuzzi.
“This deal creates a powerful platform for us to join hands and to accentuate our shared mission of developing awe-inspiring designs. This validates our dedication to excellence and we trust that our alliance will personify high standard levels in every way by working with ACI, the name behind the “Sports Trilogy Towers”, commented Mahmoud Al-Shaibani, CEO of Al Odaid Real Estate. The company will break ground on its meticulously designed project in June 2008 and it is set to be completed by June 2011.
The Germany-based ACI Real Estate boasts investment portfolio valued at a staggering AED10 billion scheduled for both Dubai and Abu Dhabi.
