Property Fund Subscription Deadline extended by Mayfair
A $50 million Shariah-compliant distressed property fund is being raised by the Cayman Island-based Mayfair Wealth Management (MWM) Company, for the purchase of cheap properties in the UAE.
Real Estate Musharakah Notes or REMNotes, based upon the Shariah principles of Musharakah, offer an opportunity to invest in the UAE real estate market with returns much more than the average returns - the projected returns being 12 to 15 percent.
Individuals or corporate sectors can invest with the minimum investment of USD 25,000. MWM shall also issue its half yearly reports on the progress of the fund to its investors.
Upon the insistence of the regional investors, the date of the subscription is being extended from 31 August to 31 October.
Amani Choudhry, Chief Executive Officer of Mayfair Wealth Management said: "The huge demand for REMNotes is a testament to the potential of this distressed property fund and its attractiveness among investors who appreciate the way it leverages the current downtrend in the property market. The fund has spawned interest across the region, both from individual and corporate investors.
He further added, "The region-wide response to REMNotes, especially from Bahrain and the UAE, has been encouraging."
Mayfair shall invest the fund in the completed properties, ready built houses, instead of the off plan properties in the UAE, as recommended by E-valuations Chartered Surveyors. The firm has been certified by the Royal Institution of Chartered Surveyors and Mayfair International, a global property consultancy based in the United Kingdom.
In an interview Choudhry said: "Part of the proceeds generated by the fund will be used to spruce up some of the properties to be acquired to enhance their appeal to long-term investors. The fund is offering a unique product wherein undervalued properties will be acquired. We have identified a significant opportunity that stems from the slowdown in the UAE property market, one that will breathe new life to undervalue but potential laded projects in the country."
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