Mubadala Sells JBI Unit to Serco
Abu Dhabi-based Mubadala Development recently sold a commercial property joint venture called John Buck International (JBI) for an undisclosed price. JBI was mainly tasked for the development of Sowwah Square in Abu Dhabi. The commercial development project is located in Abu Dhabi’s latest business district on Sowwah Island. In addition, JBI specializes in integrated facilities management. It manages a number of Abu Dhabi properties such as Sowwah Square, Paris Sorbonne University (Abu Dhabi Campus), and New York University (Abu Dhabi Campus).
The buyer of JBI is Serco, a UK property management and outsourcing business. Serco maintains a strong presence in the United Arab Emirates. Less than 9 months ago, Mubadala paid 83.6 AED million to take control of the full joint venture.
Originally the joint venture was created in 2008 with The John Buck Company, a Chicago property developer. The joint venture called JBI was at first 51% owned by Mubadala Development and the rest by The John Buck Company.
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