Abu Dhabi – Mubasher: Abu Dhabi-based private equity firm Gulf Capital is in talks with Mubadala Investment Company to sell Abu Dhabi’s Galleria Mall, Bloomberg News reported.
Developer Gulf Related, a joint venture between Gulf Capital’s real estate unit and US developer Related Cos., is on the verge of selling the mall to Abu Dhabi's strategic investment firm, Karim El Solh, CEO of Gulf Capital, told the New York-based news agency.
Spanning of 1.4 million square metres, the 130-luxurious stores mall was opened in 2013.
“We are going to close very soon on that,” Ali Eid Almheiri, Mubadala executive director of real estate and infrastructure, said.
In the same vein, El Solh noted that his company is considering selling Al Maryah Central mall once it is open. The mall is set to be open in August, ending more than a yearlong delay.
Mubadala did not give further details regarding the transaction’s total cost.
