Government-controlled Mubadala Development Company has agreed in principle to acquire The John Buck Company’s 49 per cent share of Abu Dhabi-based development management firm John Buck International Properties (JBI).
The transaction is targeted for completion in March 2011 and will result in Mubadala owning 100 per cent of JBI. It already holds a 51 per cent stake in the company.
Mubadala says the acquisition will enable the closer integration of JBI with its existing real-estate and construction management operations.
The new chief executive officer of the company will be Tom Mikus, who recently joined Mubadala from the Saudi Arabia’s Al-Rajhi Group. JBI will continue to operate as the development manager on the Sowwah Square and Sowwah Island infrastructure projects.
MEED reported in September that JBI’s role on Mubadala projects was being reviewed (MEED 24:9:10).