Addax Investment Bank has completed its first phase of capital fund raising for Middle East North Africa (MENA) Serviced Residence Company, a holding company set up to acquire at least 15 properties to be managed by The Ascott Group.
The private placement was oversubscribed by 150% and raised US $100 million towards the US $1 billion MENA Serviced Residence Fund.
The MENA Serviced Residence Company will acquire properties with an initial focus on Bahrain, the United Arab Emirates, Qatar, Kuwait and Saudi Arabia The first property is expected to be operational in 2007.
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