Lewis Charles to launch $100m Abu Dhabi fund

The London-based financial services group is hoping to tap the UK, United Arab Emirates and investors from the wider Gulf region to target property in Abu Dhabi.

London stockbroker and financial services firm Lewis Charles Securities is to launch an Abu Dhabi-focused fund within a fortnight, PERE has learnt.

The firm hopes to raise $100 million from third party investors to invest in the Gulf state. The Lewis Charles Abu Dhabi Property Fund is the first UK vehicle raised to target the region.

Unlike the company’s previous two funds, it will not be listed on London’s Alternative Investment Market. The Lewis Charles Sofia Property fund listed on AIM in September 2005 to invest in residential property. Following that, the Lewis Charles Romania Property fund listed in August 2007.

Stavros Loizou, chief executive, said: “What we have done is spend the last couple of years understanding the property industry there, fully establishing key relationships. There remain many opportunities in the Gulf region and further afield and we fully intend to take the next logical step to explore other GCC countries like Qatar, Oman and Saudi.”