The National Bank of Kuwait (NBK) recently launched its second US Real Estate Fund. The Fund is a medium risk vehicle, denominated in US dollars and is suitable for investors with a long-term investment horizon who are seeking quarterly income with the possibility of capital appreciation.
The Watani US Real Estate Income and Growth Fund's investment objective is to seek current income and capital appreciation from a portfolio of investments in US real estate while preserving capital. It is a long-term investment vehicle designed to achieve an expected internal rate of return (IRR) between 11-14 percent per annum including quarterly cash distributions between 8-10 percent after the end of the Investment Period.
According to General Manager of Investment Banking, Asset Management and Treasury Group at NBK George Nasra, the fund will pursue its objective by investing in a well-diversified portfolio of Direct Real Estate Investments such as office, industrial, retail and multi-family sectors.
JP Morgan Bank is the investment advisor of the fund. The initial subscription period started on March 14, 2004, and will continue until April 1, 2004. The minimum investment amount in the Fund is $500,000 with additional amounts in multiples of $10,000. Investors may subscribe into the fund on a quarterly basis and after a three-year initial lock-up period may redeem on a semi-annual basis at the prevailing Net Asset Value on a best effort basis. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
