Islamic lender signs on to invest up to $600m in healthcare-linked real estate
Kuwait Finance House, the country's biggest Islamic lender,
has formed a partnership with Grosvenor Investment Management US (GIM) to
invest up to $600m in healthcare-related real estate.
"The partnership will target the acquisition and
development of private-pay senior living facilities and medical office
buildings in the US," KFH said in a statement on Tuesday.
"Investments will be made through the formation of
equity joint ventures with local and regional operating and development
partners," it added.
GIM is the North American subsidiary of London-based
Grosvenor Fund Management .
KFH wants to increase global assets under management to
about $4bn in the next few years from $1.5bn in 2010, with a focus on
residential property, Ali al-Ghannam, international real estate department
manager, said last year.
Its real estate arm, which started operations in the 1990s,
has investments primarily in key US cities, in Malaysia, Shenzhen in China, and
in the Middle East. It sold property in the United States and Europe, including
Britain, in 2005 and 2006 after prices shot up.