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Green Reit from Masdar

Staff Report/Abu Dhabi
Filed on January 15, 2020

(Supplied)

Abu Dhabi Future Energy Company (Masdar) said on Wednesday that it was launching a sustainable real estate investment trust (Reit) with an initial valuation of between Dh950 million ($259 million) and Dh1 billion.

The 'green' Reit portfolio will initially include four commercial properties at Abu Dhabi's Masdar city, the company, a subsidiary of Mubadala Investment Company, said in a statement. It will cover more than 57,000 sqm of net leasable area.

The first green Reit in the UAE will be launched at Abu Dhabi Global Market, the statement said.

Masdar CEO Mohamed Jameel Al Ramahi said that the company's total investments in over 30 countries total $14 billion.

In a press statement, he said that the company aims to increase its investment in Egypt and expand into the US market, the second-largest renewable energy market in the world after China, where the company aims to double its investment.

Youssef Al Ali, executive director of the Clean Energy Department at Masdar, told the Emirates News Agency, WAM, that Masdar has a total operating capacity of around 5,000 megawatts, making it a key global player in renewable energy.

The company aims to launch renewable energy projects around the world, invest in the US and find opportunities for growth in that promising market, as well as enhance its presence in Europe and East Asia, he said in conclusion.

Meanwhile, Masdar and Cepsa, a global energy and chemical company owned by Mubadala and The Carlyle Group, announced an agreement to establish a joint venture company to develop renewable energy projects in Spain and Portugal.

The 50:50 venture was announced at Abu Dhabi Sustainability Week 2020, in the presence of Khaled Abdulla Al Qubaisi, chief executive officer, Aerospace, Renewables & ICT, Mubadala Investment Company; and Mussabbeh Al Kaabi, chief executive officer, Petroleum and Petrochemicals, Mubadala Investment Company and Director and Chairman, Cepsa.

The new company, Cepsa Masdar Renovables, will focus on developing wind and solar photovoltaic projects in the Iberian Peninsula, with an initial target of 500-600MW.

- business@khaleejtimes.com


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