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Explaining the rationale behind the joint initiative, Richard Johnson, Managing Director-Real Estate at Istithmar, said:
"Real estate has evolved as a fundamental asset class that can reduce risk in a multi-asset portfolio. Its growth and popularity as an alternative investment in emerging markets has been catalyzed by higher transparency and liquidity. Istithmar is pleased to partner with an AIG Global Real Estate member company to form a platform that unlocks the intrinsic value of this sector and benefits from the substantial growth that is being witnessed in regional and emerging real estate markets."
Peter Seeley, Managing Director at AIG Global Real Estate, elaborated on the benefits of the joint venture by saying: "We believe that AIG Global Real Estate's experience in emerging markets complements Istithmar's excellent reputation as one of the region's leading investment firms and we look forward to working closely with them in the future."
The joint venture partners announced the appointment of Ferdinando Scalamandré as Managing Director of DIA. Commenting on the value of this initiative, Scalamandré said: "Dar Isithmar Lel Aqarat is designed to generate real estate investments that yield higher returns. It leverages the technical strengths, business affiliations and networks of the two partners to ensure entry into profitable opportunities. While Istithmar identifies opportunities that are commercially compelling, AIG Global Real Estate's extensive experience and risk management capabilities should enable successful implementation."
Scalamandré brings with him more than 20 years of experience in real estate development, investments and financing, enhanced by a legacy reaching back three generations of activity in the industry.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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