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Fri 15 May 2020 01:46 PM

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Strong Gulf interest in London-focused real estate fund

Astarte Capital announces successful first close of fund in partnership with Yoo Capital

Strong Gulf interest in London-focused real estate fund

YCIM is a joint venture with a focus on investing in urban regeneration and real estate projects in London.

Institutional investors from Gulf Arab states have helped achieve the first close for Yoo Capital Investment Management’s (YCIM) Yoo Capital Fund II (YCFII), providing the company with access to $244 million (£200m) in new capital.

YCIM is a joint venture between the Astarte Special Opportunities Platform L.P. (ASOP) and Yoo Capital, with a focus on investing in urban regeneration and real estate projects within the Greater London area in the UK.

YCFII, was formally launched in Q3 of 2019 off the back of Yoo Capital Fund I’s $1.6 billion (£1.3bn) investment into Olympia in partnership with a series of blue-chip institutional investors.

The fund is targeting a total size of $488m (£400m) and a similar amount for potential co-investments. It will be deployed across five-eight investment opportunities with a focus on healthcare, education and selected hospitality opportunities.

A second close is targeted for the end of June 2020 with institutional capital already committed and only subject to final due diligence.

Astarte Capital Partners specialise in identifying and building best-in-class asset management businesses in the real assets space and is backed by the prominent entrepreneur George Farha who has strong connections in Gulf Arab states.

Farha, said “We see significant opportunity to explore and engage in special opportunities, particularly in London and welcome participation and investment from the Gulf Arab states and the Middle East as it couldn’t be a more opportune time to focus on the rebound and growth of the UK post the current pandemic.”

He added: “The fund was received very positively in the Arab Gulf region, in which I have lived for a long time and I know the nature of its investors. They are looking for transparent investment opportunities with companies with long track record in business. Our company focuses on investing in real estate, infrastructure, natural resources and transportation. I have met many veteran investors in the Gulf Arab states who are confident that this is the best time to invest in the UK."

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