NBK launches Islamic Asian Real Estate Fund
The National Bank of Kuwait (NBK) has launched its first Islamic Real Estate Fund, the Asian Islamic Real Estate Fund. The investment objective of the Fund is to seek current income and capital appreciation from a portfolio of investments in Asian real estate in accordance with Islamic Shari'ah principles.
The initial subscription period starts on April 25, 2004 and will continue until May 13, 2004. The minimum investment amount in the Fund is $500,000 with additional amounts in multiples of $10,000. The Fund is closed-ended and investors can only subscribe into the Fund during the initial offering period.
Deputy Chief Executive Officer at NBK Isam Al-Sager explained that the Fund is a long-term investment vehicle designed to achieve an expected IRR of 14-16 percent per annum with an expected annualized net quarterly distribution of four percent growing to eight percent by the end of the Investment Period and eight to nine percent thereafter.
The Fund is a long-term investment vehicle, denominated in US dollars and suitable for investors with a long-term investment horizon who are seeking steady quarterly income with the possibility of capital appreciation at maturity.
Al-Sager also added that the Fund will pursue its objective by investing in a diversified portfolio of high quality office buildings and residential real estate properties in exclusively first-class inner-city locations in Asian countries such as Korea, China, Hong Kong, Malaysia, Singapore, Japan, and Thailand. The fund will invest in the properties acquired by TMW Asia Fund on a Shari'ah compliant basis. — (menareport.com)
© 2004 Mena Report (www.menareport.com)