Dubai-based Mashreq Capital and Abu Dhabi-based Arady will jointly launch a UAE-focused real estate fund domiciled in the Dubai International Financial Centre (DIFC).
The Ezdihar Real Estate Investment Fund will be a qualified investors fund, a fund category set up by the DIFC in 2014 and aimed at professional investors.
A maximum of 50 investors may invest by private placement in the fund, which will acquire retail, residential, commercial and hospitality property in the UAE with the possibility to invest in other Gulf countries “on an opportunistic basis”.
The companies aim to raise $300 million for the fund and target a maximum loan-to-value ratio of 60% for the portfolio. The sharia-compliant fund is aimed at institutions, high-net-worth individuals and family offices.
In a forthcoming interview with Funds Global MENA, Christophe Pella, the recently appointed chief executive of Mashreq Capital, says the fund’s planned launch in the next few months is part of a broader attempt to expand the company’s product range.
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