EFS launches USD20.4m Real Estate Fund

Carnelian I is managed by Investment Boutique Investment Manager, a wholly-owned subsidiary of Investment Boutique LLC, which has a strategic partnership with the UAE's largest estate agency, Better Homes LLC.

Carnelian I is targeting minimum returns of 25-30% by investing in short term opportunity plays in UAE real estate. The term of the fund is 30 months with an option to extend for two 12 month periods to provide an orderly liquidation of investments, should the market shift. The fund aims to achieve superior returns by combining top-level market data and expertise with an investment strategy that focuses on distressed assets, asset repositioning, legislative changes, yield plays, mis-pricing, and infrastructure plays.

Members of the Carnelian I Advisory Board include: Ms Linda Mahoney, CEO of Better Homes; Suresh Kumar, CEO of EFS; Omar Al Salehi, Head of Investment Banking for Middle East, UBS, and Tariq Al Gurg, Divisional Head of Corporate Banking for NBD.

According to Heather Wipperman, Director of IBIM and founder of the Property Weekly Housing Price Index:

'Over the past five years, economic growth and corresponding real estate related activity in the region have been fuelled by sound demand fundamentals. However, as a young developing market, investors are encountering certain challenges in assessing the true value and market potential of their real estate investments. Through its strategic advisors, Carnelian I intends to utilize Better Homes' extensive sales network, current market intelligence, and discounted opportunities such as distressed real-estate, bulk buying, and pre-launches. It will also look at new market opportunities in emirates outside of Dubai in order to identify, acquire and exit rapid capital appreciation targets.'

Suresh Kumar, Chief Executive of EFS added: 'We are very pleased with this strategic consortium; it combines Investment Boutique Investment Manager's international execution and expertise with Better Homes local market intelligence and industry reach. This real estate investment fund represents one of the best growth opportunities around; providing investors with a unique diversification opportunity.'