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GFH opens subscription for real estate fund
DUBAI - The Bahrain-based leading Islamic investment bank, Gulf Finance House (GFH)
yesterday announced the commencement of subscriptions for a new investment fund - Al Andalus House (Al-Andalus) - with a targeted capital of $50 million, which it will invest in residential real estate development projects in Western Costa del Sol.
According to a spokesperson of GFH, Al-Andalus will seek to route investments into selected blue-chip real estate development projects targeting to offer an Internal Rate of Return (IRR) in excess of 20 per cent per annum over its two-year investment tenure.
Esam Janahi, CEO, GFH said: "Al-Andalus House is a sterling investment offer. At GFH, we have extensive experience in the real-estate investment sector, having successfully launched and closed similar investment vehicles in Bahrain, the GCC as also in the European markets of the United Kingdom and France." GFH has already invested a seed capital of $2 million. The oldest and the largest investment institution of Kuwait, Kuwait Investment Company (KIC), will act as placement partners.
Al-Andalus will further leverage on the rich experience of its Strategic Real Estate Consultant, Aguirre Newman, the Spanish-based professional advisory firm, which has long-standing relationships with property firms, developers, brokers and related companies in Western Costa Del Sol.
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