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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 for 1.3 billion dirham deal. 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.
"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.
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 Dh10 billion scheduled for both Dubai and Abu Dhabi.
