KFH and US firm form $500+ million Multifamily Fund
The Kuwait Finance House (KFH) will form a $500+ million Multifamily Fund with an affiliate of Alliance Holdings of Chicago. Nearly 100 percent of the Fund's $500+ million of total capitalization was invested at the Fund's inception.
The Fund is designed to acquire and reposition Class B multifamily assets in geographically diverse markets with strong, long-term fundamentals. Alliance Residential Management will provide property management for each of the Fund's properties and, through an affiliate, will effect the cosmetic enhancement and physical upgrades planned for each of the properties.
Arch Street Capital Advisors, US-based real estate advisory firm served as exclusive financial adviser to KFH. Deutsche Banc Securities provided acquisition financing to the Fund.
KFH is a publicly traded Kuwait-based financial institution with over eight billion dollars in assets and a global investor with real estate holdings in the US, Europe and the Middle East. — (menareport.com)
© 2003 Mena Report (www.menareport.com)