New European Shariah Compliant Real Estate Fund lauched today by Swiss based Faisel Private Bank
Central and Eastern European Real Estate Fund a hit with investors
There was strong interest shown among selected investors invited to subscribe to a new EUR150m Sharia compliant Central and Eastern European Real Estate Fund, which was launched today by Swiss-based Faisal Private Bank, Bahrain-based Shamil Bank and Sharjah Islamic Bank.
- Bahrain: Sunday, May 11 – 2008 at 16:19
- PRESS RELEASE
|(L-R): Giovanni Perin, Head of Investment Banking, Faisal Private Bank; Saeed M. Al Amiri , Head of Investment Group, Sharjah Islamic Bank and Abdul Hakim Khalil Al-Mutawa, Head of Private and Investment Banking Group, Shamil Bank.|
The presentation, which was held at the Ritz-Carlton Bahrain Hotel and Spa, was also the first leg of a GCC Road Show, which will then move to Oman on Tuesday (13 May), to Abu Dhabi on Wednesday (14 May) and Dubai on Thursday (15 May).
Faisal Private Bank is the investment advisor of the fund, Sharjah Islamic Bank the lead sponsor, and Shamil Bank the sub-advisor and co-sponsor.
“We are very pleased with the response of the Bahrain market to this fund, which is aimed at an informed and sophisticated investor-base with very particular demands and interests. We have also been contacted by investors elsewhere in the region and expect a similar level of interest when we visit Oman and the UAE,” said Faisal Private Bank, Head of Investment Banking, Giovanni Perin.
Sharjah Islamic Bank, Head of Investment Group, Saeed M. Al Amiri added: “Sharjah Islamic Bank, following its own due diligence study, opted to invest in this fund, which presents investors with a very interesting long-term opportunity to enter a fast-growing sector, in a part of the world which is experiencing rapid economic growth. We are confident that it will attract further interest from institutional investors from across the region.”
Central and Eastern European countries have experienced dramatic economic developments, with inward investment flows to various sectors of the economy having clearly demonstrable effects on their real estate sector. This fund is designed to benefit from this growth. The core asset markets of the Fund are Romania, Bulgaria and Poland. Other target markets will include the Czech Republic, Croatia and Ukraine among