"Prudential Financial Inc. (PRU), the second-largest U.S. life insurer, is joining with a government-controlled company in Abu Dhabi to bet on luxury residences on the emirate’s Saadiyat Island.
Mubadala Development Co. and the insurer’s real estate arm are 50-50 partners in a venture to buy the first phase of the Saadiyat Beach Residences, the companies said today in a statement distributed by Business Wire.
U.S. life insurers are seeking to expand abroad and bet on real estate as they cope with near record-low interest rates for bonds issued in their home country. The Newark, New Jersey-based insurer’s real estate arm this month named Michael Gallagher to help manage European property-related securities and has made additional hires this year in Asia and Brazil."
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