Financial

Global Partners successfully closes $212mn build-to-rent property fund

35% of the funds originated from North America, 37% from Europe and 27% from the UAE

Global Partners Limited, a DFSA regulated institutional fund manager specialising in alternative investments, has successfully closed Global Partners Property Fund I (CEIC) Limited, a Qualified Investor Fund based in the DIFC.

In a statement, the fund manager explained that the fund focuses on the Dubai build-to-rent housing market with two projects on the Dubai Water Canal. US $212mn was raised, with 35% coming from North America, 37% from Europe, and 27% from the UAE.

Martin Linder, Chief Executive Officer at Global Partners said, “We are delighted with the reception we have received from global investors for our inaugural fund. Institutional capital is increasingly interested in Dubai real estate, and we have created an ideal fund to cater to this demand. The fund is in line with Global Partners’ strategy to deliver institutionally owned and managed residential supply in Dubai.”

In early December 2022, Knight Frank said Dubai’s prime residences are set to lead global price rises.

H&H Development, the fund’s property development partner, will play a vital role in ensuring the fund’s success through their proven world-class execution capabilities. The fund’s two projects are upmarket developments on the Dubai Water Canal which will use H&H Development’s Eden House brand.

They will be called Eden House, The Canal, and Eden House, The Park and are perfectly located to address a market gap for affluent renters in Dubai.

Miltos Bosinis, CEO of H&H Development added: “We are excited to be part of this investment initiative which proves that Dubai has become an international financial centre that attracts global investor’s interest from all over the world.

In late December 2022, the Dubai Land Department unveiled its new strategic plan for 2023-26.

He concluded, “As a reputable institutional developer, H&H will give Global Partners all the support they need to carry out their strategy and expand their footprint in Dubai to create a bespoke portfolio of properties of the highest quality and standards.”

In late January 2023, Nasma said it was set to expand its holiday home profile.

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