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Wed 22 Feb 2017 02:10 PM

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Dubai's KBW targets Australian property with first Islamic fund

Crestmount Fund 1 raises $73m in latest venture from Dubai-based KBW Investments

Dubai's KBW targets Australian property with first Islamic fund
(Image: Facebook/Crestmont Capital)

Dubai-based KBW Investments has announced the formation of a new portfolio company, Crestmount Capital, a finance player that will target sharia-compliant investments.

The company’s first fund, a real estate investment fund (REIF) entitled Crestmount Fund 1, has already reached its full commitment of AED267m ($73m).

The investment was raised after sharia advisory firm Amanie Advisors privately circulated the opportunity.

The raised funds will be deployed into five separate Australian property projects at a local market value of AU$100m. The projects, which are at various stages of completion, are being built by Australia’s largest sharia-compliant developer, PietyTHP Developments.

“Crestmount Capital is KBW’s flagship entry into the Islamic finance segment,” said KBW Investments chairman Prince Khaled bin Alwaleed bin Talal, in a press statement. “Having explored a variety of investment vehicles and types, the company’s interest has now increasingly turned to activating our existing strengths in finance to work for the advantage of the sophisticated Islamic investor.”

The move marks another step in KBW Investments’ recent rapid expansion. The holding company has bought stakes or partnered with a series of firms, mainly connected to the construction sector, over the last three years.

In January, the company announced a move into a real estate, via a partnership with Sharjah’s Basma Group.

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