Reuters: Arcapita, the Bahrain-based investment management firm, has acquired phase one of Saadiyat Beach Residences, a residential real estate complex in Abu Dhabi, the company said in a statement on Tuesday.

The size of the purchase was not disclosed in the statement but a source close to the deal said it was around $200 million.

Arcapita bought the asset from Mubadala Development, an Abu Dhabi state-owned fund with a mandate to develop the emirate's economy, the statement said.

Phase one includes three low-rise buildings in a gated community and is under a three-year master lease to Tourism Development & Investment Co, an Abu Dhabi state-owned investment fund. It features 285 one- to three-bedroom apartments.