ACI Real Estate, an affiliate of Alternative Capital Invest of Germany, has signed a strategic partnership with Abu Dhabi based Al Odaid Real Estate.
The signature development, comprising five residential towers, is being built at Capital Bay, on Al Reem Island. Al Reem Island is located near the northern shores of Abu Dhabi.
"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 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, 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 standards in every way by working with ACI, the name behind the Sports Trilogy Towers," said Mahmoud Al Shaibani, CEO of Al Odaid Real Estate.
The firm will break ground on the project in June and it is set to be completed by June 2011. ACI Real Estate is one of Germany's most outstanding real estate developers with an investment portfolio valued at Dh10 billion for both Dubai and Abu Dhabi.
By Staff Writer
© Emirates Business 24/7 2008
