Unicorn announces successful close of capital raising for Turkey vacation homes investment opportunity

The company will invest in vacation homes developments that are currently being planned on the Bodrum Peninsula.

Turquoise Coast Investment Company allows investors to capitalize on the strong demand for vacation homes in Turkey, which is emerging as one of the fastest growing markets for international buyers seeking either a holiday home or an attractive real estate investment abroad.

The demand growth has been fuelled by a number of different factors, which include attractive pricing relative to other Mediterranean markets, the recent introduction of mortgage products targeted at foreign buyers and growth in direct international flight routes.

Commenting on the successful close of fundraising for the company, Mohamed Marei, Director - Asset Management at Unicorn, said:

'We are pleased at the very positive response to this investment opportunity. In recent years, the Bodrum Peninsula has emerged as the most high profile coastal tourism and vacation homes destination in Turkey due to year-round pleasant weather, a peaceful and tranquil atmosphere and excellent infrastructure facilities including a well served international airport. This has resulted in a strong real estate market and attractive rental yields. Furthermore, the development sites identified by the Company are ideally situated in prime locations along the coast and target a range of buyer segments, from medium priced units to luxury homes geared towards the higher end of the market'.

Turquoise Coast Investment Company is the latest product offering by Unicorn's Asset Management division which has recently been restructured to offer investment products within two distinct streams: real estate and listed securities.

The restructuring included the hiring of several new specialists with extensive regional and international experience in real estate, listed equities and fixed income products.

Najib Fayyad, Head of Asset Management at Unicorn, commented: 'The restructuring will see the division expand its real estate focus to include both real estate private equity opportunities and real estate funds, with an initial focus on the GCC region and Turkey. The division will also offer listed securities products as part of our commitment to providing investors with Shari'ah-compliant equity and fixed income funds and discretionary portfolio services offering returns that are competitive with those of conventional products in similar asset classes'.