Whopping $50m Distressed Property Fund launched by Mayfair

A $50m Shariah compliant distressed property fund has been launched by Mayfair Wealth Management to purchase cheap properties, as uncertainty looms large over the real estate sector in UAE.

Real Estate Musharakah Notes (REMNotes) property fund’s annual return amounts to 12 to 15pc through leasing and rental income and its each shares is valued at $1. The subscription to this fund is open till August 31.

REMNotes will be issued by REMNotes Inc (BVI), associated with Mayfair, and the amount raised would be invested in the properties completed in the UAE.

E-valuations Chartered Surveyors, which is a Dubai based valuation firm and which has been certified by the Royal Institution of Chartered Surveyors and Mayfair International, shall recommend the properties in which the investments would be made.