The Kuwait Finance Center is launching a new private equity real estate fund to invest in opportunistic property developments in the Middle East and Northern Africa.
Based in Bahrain, the Shari’ah compliant fund has $200 million (€150 million) in equity and will target returns of 15 percent over the 5 year fund life.
The fund has already secured two investment residential projects in Lebanon: one project in Clemenceau has an expected return of 17 percent, while a project in Badaro has an expected return of 27 percent.
It is also in final negotiations with a Saudi Arabian partner to build a large office project in Riyadh. The vehicle is also looking at residential projects in the Abdoun district of Amman, Jordan and hotels in the Syrian cities of Damascus and Halab. The fund hopes to invest in 14 to 18 projects in the next three years.
The firm has 11 property professionals and manages four real estate funds with combined assets worth $750 million.
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