Ellington Capital, a Dubai-based real estate asset and fund management firm, has announced the appointment of a CEO ahead of the launch of its first fund.
International property investment expert Simon Townsend has been appointed and will be responsible for driving the growth of Ellington Capital with a focus on identifying property development and investment opportunities in key markets in the region while delivering strong returns to investors.
Ellington Capital will address the aspirations of millennials, who opt for rental living rather than home ownership.
The company will shortly be launching the Ellington Opportunities Fund I, the first real estate fund in the Middle East to offer investors access to developer project returns, with capital raising about to commence.
Robert Booth, executive chairman, Ellington Capital, said: “The launch of Ellington Capital follows a thorough evaluation of the market potential for property investments in the region where we identified an industry ‘white space’ to offer tangible value propositions for investors.
“Through diligent fund management and strong property development and management expertise, Ellington Capital will deliver focused returns for investors. With his deep industry expertise, Simon Townsend will champion the roll out and growth of the firm in the region and beyond.”
Townsend added: “By developing world-class assets and managing their rental portfolio, we are committed to creating long-term value for our investors. The potential offered by independent real estate funds is still significant in the region and we are providing investors a bespoke fund with very clear underlying fundamentals targeting a specific market segment.
Simon Townsend, CEO of Ellington Capital
“The focus is to provide a transparent independent fund with world-class procedures to ensure every step from land acquisition through investment divestment is aligned with best practices and third party audit verification.”
The company has been launched by Ellington Properties, a Dubai-based design-led property developer. Among key targets is to design and build high quality apartments targeting multi-family rental markets in key markets, which will deliver assured returns for investors.
Townsend started his career in the UK and was involved in CBRE’s Middle East business from the outset focusing on the advisory, consulting, valuation and investment service lines.
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