Bahrain-based Islamic investment bank, Gulf Finance House (GFH) yesterday announced the commencement of subscriptions for a new investment fund Al Andalus House with a targeted capital of $50 million. Initially, the minimum subscription limit is $100,000.
The GFH announced that the fund would invest in residential real estate development projects in Western Costa del Sol Spain.
A GFH spokesperson said that Al Andalus will seek to route investments into selected blue-chip real estate development projects targeting to offer an Internal Rate of Return (IRR) in excess of 20 per cent per annum over its two-year investment tenure.
GFH's chief executive officer Esam Janahi said: "Al Andalus House is a sterling investment offer. At GFH, we have extensive experience in the real-estate investment sector, having successfully launched and closed similar investment vehicles in Bahrain, other GCC countries and also in the European markets of Britain and France."
GFH has already invested a seed capital of $2 million. Kuwait Investment Company (KIC), will act as placement partners.
Al Andalus will further leverage on the rich experience of its Strategic Real Estate Consultant, Aguirre Newman, the Spain-based professional advisory firm, which has long-standing relationships with property firms, developers, brokers and related companies in Western Costa Del Sol.
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