A joint venture between the real estate unit of Abu Dhabi-based private equity firm Gulf Capital PJSC and property developer Related Cos. is in talks to sell the Galleria Mall on the city's Al Maryah Island after operating the asset for five years, Bloomberg News reported, citing Gulf Capital CEO Karim El Solh.
Abu Dhabi's sovereign wealth fund, Mubadala Investment Co., is looking to buy the asset from the Gulf Related venture in a deal expected to be completed "very soon," the news outlet added, citing Ali Eid Almheiri, executive director of real estate and infrastructure at Mubadala.
Financial details of the potential deal were not disclosed.
The private equity firm may also divest the Al Maryah Central mall on the island after the property opens in August and is stabilized, Bloomberg added, citing El Solh.
Additionally, Gulf Capital is close to securing a four-year loan to boost liquidity and finance future investments. Its existing 850 million-dirham loan matures in February 2021, Bloomberg noted.
The company expects to make new investments and exits over the next two quarters.
As of March 25, US$1 was equivalent to 3.67 United Arab Emirates dirhams.