Abu Dhabi Future Energy Company "Masdar" has announced the launch of a sustainable real estate investment fund, to be the first "green" real estate investment fund in the UAE, with a value ranging between 950 million and one billion dirhams, on the sidelines of the "Abu Dhabi Sustainability Week" yesterday. Masdar and Cepsa International announced the signing of an agreement to establish a joint company to develop renewable energy projects in Spain and Portugal.
In detail, Abu Dhabi Future Energy Company "Masdar", one of the "Initiative for Investment" companies, has announced the launch of an investment fund in sustainable real estate, to be the first green real estate investment fund in the UAE.
This announcement came during an event held within the Abu Dhabi Sustainability Week, which was attended by the Minister of State and Chairman of the Board of Directors of the Abu Dhabi Global Market, Ahmed Ali Al Sayegh, and the CEO of the aviation and clean energy industry and information and communications technology in Mubadala, Khalid Al Qubaisi, and the CEO of Masdar Company », Mohammed Jamil Al-Ramahi, and the initial value of the fund will range between 950 million dirhams ($ 258.7 million) and one billion dirhams.
The real estate investment fund will be listed on the Abu Dhabi Global Market.
Initially, the fund will include four commercial properties within Masdar City, the sustainable city in Abu Dhabi that focuses on low-carbon real estate development. A private real estate investment fund will be launched with a qualified investment fund available to similar investment funds in the market, and selected clients through a private placement. The properties cover 57,493 square feet of net leasable area.
In addition, Abu Dhabi Future Energy Company «Masdar», and the international company “Cepsa”, which specializes in the field of energy and chemicals and owned by Mubadala and Carlisle Group, announced the signing of an agreement to establish a joint company with the aim of developing renewable energy projects in Spain and Portugal .
The new company, called “Cepsa Masdar Reynobles,” which is 50% owned by “Masdar” and “Cepsa”, was announced during the activities of Abu Dhabi Sustainability Week 2020, and the company will focus on developing wind and solar PV projects in the peninsula area. Iberia with an initial production capacity of 500 to 600 MW.
Promote green investment
"The real estate investment fund represents an important step towards promoting green investment in the region, it also reflects the pioneering role of (Masdar) in supporting sustainable development, and the fund, which is the first of its kind, provides investors with an option," said Mohammed Jamil Al Ramahi, CEO of "Masdar". Attractive to investment, and achieving returns from sustainable real estate assets, which contribute to building a better future for all. ”Al-Ramahi added,“ Investors are showing more interest in participating in (responsible investments), and they are also evaluating companies based on specific criteria related to environmental and social practices and governance. ” A fund would like this To contribute to the development and consolidation of the real estate sector in Abu Dhabi, attracting more local and international investors, who want to play an active role to promote this trend ».
Inclusion of the real estate investment fund in the Abu Dhabi Global Market.