Regions Midwest | Chicago
March 31, 2008
In a potential home-and-away deal for the John Buck Co., Mubadala Development Co., a state-owned corporation in Abu Dhabi, United Arab Emirates, is not only partnering with the Chicago-based developer in John Buck International, a new joint venture, but also in negotiation to buy a minority stake in the parent company.
Contrary to some published reports, Mubadala’s investment in the John Buck Co. itself, still under negotiation at presstime, will be a minority interest, reportedly a 24.9 percent stake.
The Abu Dhabi–based joint venture, of which John Buck will be the CEO, is owned 51 percent by Mubadala and 49 percent by the John Buck Co. JBC CFO Kent Swanson told CPN. The venture will be heavily involved in key components of Plan Abu Dhabi 2030, a comprehensive urban plan for the emirate, according to a prepared statement.
“Real estate has always been a critical factor in Mubadala’s strategy,” Carlos Obeid, Mubadala's CFO, said at a news conference in Abu Dhabi,” and our joint venture with John Buck will focus on commercial real estate development in Abu Dhabi first and the region later.”
Crain’s Chicago Business had previously reported that the JV plans to build an office complex similar to one on South Wacker Drive in Chicago on Al Suwwa Island in Abu Dhabi. Earlier this year, Mubadala started construction there on a 360-bed hospital, and longer-term plans include a stock exchange, hotel, and office and residential buildings, eventually making the island Abu Dhabi’s commercial center.
Mubadala’s business holdings are widely varied, including energy, telecommunications, aerospace, automotive, health care, real estate and ship-building. The John Buck Co. was established in 1981 as a corporate real estate services and advisory company, and then became a developer of office, high-rise residential, hotel, retail and entertainment projects. It currently manages and leases more than 6 million square feet of real estate in the Chicago metro area.
In a potential home-and-away deal for the John Buck Co., Mubadala Development Co., a state-owned corporation in Abu Dhabi, United Arab Emirates, is not only partnering with the Chicago-based developer in John Buck International, a new joint venture, but also in negotiation to buy a minority stake in the parent company.
Contrary to some published reports, Mubadala’s investment in the John Buck Co. itself, still under negotiation at presstime, will be a minority interest, reportedly a 24.9 percent stake.
The Abu Dhabi–based joint venture, of which John Buck will be the CEO, is owned 51 percent by Mubadala and 49 percent by the John Buck Co. JBC CFO Kent Swanson told CPN. The venture will be heavily involved in key components of Plan Abu Dhabi 2030, a comprehensive urban plan for the emirate, according to a prepared statement.
“Real estate has always been a critical factor in Mubadala’s strategy,” Carlos Obeid, Mubadala's CFO, said at a news conference in Abu Dhabi,” and our joint venture with John Buck will focus on commercial real estate development in Abu Dhabi first and the region later.”
Crain’s Chicago Business had previously reported that the JV plans to build an office complex similar to one on South Wacker Drive in Chicago on Al Suwwa Island in Abu Dhabi. Earlier this year, Mubadala started construction there on a 360-bed hospital, and longer-term plans include a stock exchange, hotel, and office and residential buildings, eventually making the island Abu Dhabi’s commercial center.
Mubadala’s business holdings are widely varied, including energy, telecommunications, aerospace, automotive, health care, real estate and ship-building. The John Buck Co. was established in 1981 as a corporate real estate services and advisory company, and then became a developer of office, high-rise residential, hotel, retail and entertainment projects. It currently manages and leases more than 6 million square feet of real estate in the Chicago metro area.
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