Mubadala Development Company, the Government-controlled fund, has acquired 24.9% of the US property company John Buck, officials said on Thursday. The amount paid was “below US$50 million” (Dh183.7m) according to a source close to the company.

'This investment provides us with access to the US real estate market in multiple product types and it complements the existing joint venture we have together,' said Waleed al Mokarrab al Muhairi, chief operating officer of Mubadala. 'Our investment will allow us to co-invest with them in future opportunities and supports our objective of achieving world-class returns through partnerships with industry-leading companies.'

The National