Dubai Group takes 51% stake in Bahrain's Acacia

by Tom Arnold Sunday, 28 September 2008

Dubai Group, the financial services arm of Dubai Holding, has acquired a 51 percent stake in Acacia Real Estate Limited after making a $76.9 million equity injection in the firm.

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Dubai Group made the investment in the Bahrain real estate investment firm through its subsidiary, Dubai Ventures Group, to become the largest shareholder of Acacia and hold four seats on the company’s board of directors.
The group says the capital increase will provide it with access to real estate deals, knowledge in structuring real estate financial products aimed at retail and institutional investors, while opening access to a network of partners across developed markets.

"This is a strategic investment for Dubai Ventures Group as we seek to expand our real estate portfolio across the Middle East and North Africa region, as well as other emerging markets," said Abdulhakeem Kamkar, chief executive officer, Dubai Ventures Group.

With Bahrain’s TAIB Bank Acacia’s principal founding shareholder, the firm invests in income generating properties and select development projects in the US, UK and Asia. It has assets under management worth over $1.4 billion.

The proceeds of Dubai Group’s capital increase will be used to expand Acacia’s portfolio to include real estate investments in emerging markets such as the GCC, Turkey, India, and South East Asia.

Acacia said the investment will also be used to capture attractive opportunistic deals in the US and UK.



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