(MENAFN) Mubadala Pramerica Real Estate Investors (MPREI) joint venture's chief investment officer, Joe Bonner, stated that the JV bought 285 apartments of Saadiyat Beach Residences from UAE's Tourism Development and Investment Company (TDIC), reported The National. Bonner also said that the MUbadala half-owned MPREI purchased the whole first phase of Saadiyat Beach Residences gated community. It is worth noting that Pramerica is a US-based property investor, while Mubadala is an Abu Dhabi state investment fund. The joint venture of these two firms aims to attract long-term investors to the real estate sector in Abu Dhabi and the GCC according to a member of the MPREI board of directors.