British financial services company Matrix has launched a new Middle Eastern platform to be led by the former executives of Kenmore’s Middle East business.
Matrix Property Middle East will be led by Andrew White, while Will Hean will be general manager and investment director. White and Hean took control of Kenmore’s operations within the Gulf Co-operation Council (GCC) region, after Kenmore Property Group and Kenmore Investments were placed into administration in December.
In a statement, Matrix Property ME said it had also teamed up with ME Alignment, a Qatar-based real estate development and investment company owned by members of the Al Attiya family, to help it target distressed industrial, residential and office opportunities in the region, particularly in Qatar, Saudi Arabia and the United Arab Emirates. It is also reportedly eyeing raising a $300 million fund.
Ian Blake, Matrix Property Fund Management partner, said the firm had been studying the region for “some time” adding: “We are now at the optimal point of the property cycle to start acquiring selectively across the GCC. We believe there are good opportunities over the next 12 months to acquire high yielding income-producing assets at prices which will give good capital growth over the medium term.”