The fund intends to invest Euro 400m in European property concentrating on high yielding office, logistics and light industrial properties in the Benelux, France and Germany.
The Shari'ah compliant fund is Kuwait Finance House's (KFH) second major European real estate fund in a year. Its first, the £250m "Almannar" fund, invested in UK property.
Comments Nick Edmondes, Partner, of Trowers & Hamlins: "This second fund shows the continued interest of Gulf based investors in European real estate and the growing importance of Islamic investments as an asset class."
Real estate specialists Equity Estates BV will be the investment managers and will be co-investing capital alongside KFH to align their interests over the life of the fund.
The fund will be looking at sales and leasebacks as well acquiring substantial investment portfolios in the European real estate markets."
Macquarie Capital Partners Limited, the boutique real estate investment bank, acted as financial advisor to KFH and Equity Estates.
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KFH launches new Euro 400m Islamic European Real Estate Fund
- Kuwait: Tuesday, July 27 - 2004 at 09:36
- PRESS RELEASE
Kuwait Finance House, advised by City law firm Trowers & Hamlins, has launched a new Islamic European Real Estate Fund.
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Notes and media contacts
Kuwait Finance House KSC (KFH) is one of the largest banks in the Gulf region and Kuwait's largest and earliest established Islamic Investment Bank. KFH manages capital worldwide for its clients in a variety of specialised investment products. KFH has a total asset base of $10billion and a real estate portfolio in the USA, Sweden and the UK of almost $ 2.5 billion.Law firm Trowers & Hamlins is a leading specialist in Islamic structured finance with five offices in the Middle East. It acts for numerous Islamic financial institutions.
Equity Estate BV, headquartered in Amsterdam, was established in 1997 and actively manages Euro 675 million of real estate throughout Europe for institutional and private investors.
Press enquiries:
Nick Edmondes
Partner
Trowers & Hamlins
Tel: +44 207 423 8000 (London)
Mobile: 0790 999 0747
Sarah Gooden
Partner
Trowers & Hamlins
Tel: +44 207 423 8000 (London)
Nick Mattison or Paul Arvanitopoulos
Mattison Public Relations
Tel: + 44 207 645 3636 (London)
Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, July 27 - 2004 at 09:36 UAE local time (GMT+4)
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This article was updated on Thu Oct 14 2004.
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