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ACI enters Abu Dhabi with Dhs1.3bn deal with Al Odaid

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.

United Arab Emirates: Tuesday, April 01 - 2008 at 13:32
PRESS RELEASE

Robin Lohmann, Managing Director of ACI.

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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.

ACI Real Estate is one of Germany's most outstanding real estate developers with an investment portfolio valued at a staggering Dhs10bn scheduled for both Dubai and Abu Dhabi.

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Notes and media contacts

About ACI:
Alternative Capital Invest (ACI) Group is one of Germany's leading providers of investment solutions, mainly in the fields of Asset Management, Structured Finance, Risk Management and Real Estate. Given the economic boom and exponential growth in the Middle East markets, Alternative Capital Invest started operations in Dubai, in 2004. In the space of three years, ACI has established itself as a real estate investment firm with a solid following of investors both locally and internationally.
ACI was founded as a family entity in Germany and the success of the group has evolved through generations. The father and son team of Uwe Lohmann and Robin Lohmann have already injected an impressive investment of more than one billion Dirhams into the property projects in Dubai, in areas such as Jumeirah Lakes Towers, Business Bay and City of Arabia.
About Al Odaid:
Al Odaid is the real estate arm of one of the Middle East's leading holding companies, Al Ghaith Holdings, a major family business house in the Middle East involved in various businesses, including industrial investment, oil & gas, real estate development, hotels and health and education.

Al Odaid was established in 2002 by specializing in real estate development and leasing. One of the company's missions is to be recognized as the UAE's leading developer by providing unique, innovative and state-of-the-art facilities, whilst upholding traditional cultures and values.
Every Al Odaid project is meticulously researched and strategically planned in consultation with experts in the field of architecture, engineering, infrastructure and internal design. The needs of the local population are analyzed so the company can offer the most effective solutions for investors.

The company's portfolio includes prestigious developments, such as Burj Al Jewn, Dubai Towers, Saraya Twin Tower and Bavaria Executive Suites, scheduled for both Abu Dhabi and Dubai.

For more information contact:

Raee Public Relations
Sana Lababidi
Media Relations Manager
Tel : 04 3415558
Fax : 04 3415559

Posted by Eman Hassan
Tuesday, April 01 - 2008 at 13:32 UAE local time (GMT+4)

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