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Deyaar to create distressed fund
- United Arab Emirates: Thursday, June 04 - 2009 at 12:04
Markus Giebel, chief executive of Deyaar Development has said the company, along with Dubai Islamic Bank, has secured Dhs200m from regional investors for a new distressed asset fund that will buy property from buyers who default on their payments and hold onto the units for several years and resell them for a profit. He said the creation of the fund was the final step in a strategy to lower the company's default rate from about 50% to the low single digit range.
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StaffThursday, June 04 - 2009 at 12:04 UAE local time (GMT+4)
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