Dubai Investments readies property fund

Dubai Investments is preparing to launch an $810 million (€659.1 million) real estate investment trust (Reit), pending regulatory approval. The investment firm, which is listed on the Dubai stock exchange, will provide 40% of the fund’s capital with the remainder provided by its investors. According to chief executive and managing director Khalid Kalban, the Reit will include properties in a range of sectors in the UAE, from healthcare to industrial assets. Once the initial assets have been identified, the fund will be listed with the aim of reaching a value of around $2.5 billion, said Kalban in comments reported by local media. Kalban also added that the fund intends to offer investors annualised returns of no less than 7%. Dubai Investments separately revealed profits of more than $270 million for 2017 with assets increasing by $242 million to $4.7 billion. ©2018 funds global mena

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