Global Investment House makes cash payment to investors

Investors with the Global Mena Ijarah Real Estate Fund to receive distribution.
Global Investment House makes cash payment to investors
By Martin Morris
Sun 19 Apr 2009 09:51 PM

Kuwait's Global Investment House confirmed on Sunday that its Global Mena Ijarah Real Estate Fund has made a cash distribution of 8% to its investors.Shailesh Dash, Senior Vice President and Head of the Alternative Investments Department at Global said, ''Global MENA Ijarah Real Estate Fund was launched in 2007 as a closed ended fund with an objective to provide unitholders with a current income of 8-10% per annum as well as capital appreciation at the time of exit.''

In its pursuit to provide unit holders with competitive returns, the fund provides development and/or acquisition financing for a diversified portfolio of real estate properties in the Middle East and North Africa (MENA) region.

The payout comes against an economic backdrop that has seen most of the countries in the region impacted greatly by the global financial crisis.

Despite this, the fund’s managers say there will be opportunities to invest in real estate over the medium to long term, given the countries in the region have been taking the necessary steps similar to western countries in stimulating their economies.

Mr. Rakesh Patnaik, Head of Real Estate Funds at Global said: “The fund will maintain its strategy of investing in selective operating assets which can be acquired at attractive valuations.

''During the last quarter, the fund has evaluated and completed preliminary due diligence on transactions in Morocco, Egypt and Qatar and will progress on these transactions as soon as the market recovers."

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