Gulf Related plans to assume debt to fund part of the $1 billion Sowwah Central real estate development on an island that Abu Dhabi is seeking to turn into a financial center.
Sowwah Central, a mixed used development that includes departments stores, cinemas, health clubs and restaurants, should be completed in 2017, said Kenneth Himmel, co-managing partner of Related Cos., the New York-based real estate development and management company founded by Stephen Ross.
Gulf Related is a venture between Related Cos. and the United Arab Emirates’ private equity firm Gulf Capital.
Gulf Related Plans to Assume Debt for $1 Billion Sowwah - Bloomberg
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