Global Partners of Dubai has secured $212M for a fund to invest in the build-to-rent housing industry. Two projects on the Dubai Water Canal received funds thanks to the institutional fund manager that the DFSA regulates, according to Arabian Business. 25% of the $212M raised came from the UAE, 37% from Europe, and 35% from North America.
The fund’s property development partner, H&H Development, plans to use its Eden House brand to advertise upscale buildings on the Water Canal. They will be known as Eden House, The Canal and Eden House, The Park, and they are catered to wealthy city renters.
Martin Linder, CEO at Global Partners, said: “We are delighted with the reception we have received from global investors for our inaugural fund. Institutional capital is increasingly interested in Dubai real estate, and we have created an ideal fund to cater to this demand”.
“The fund is in line with Global Partners’ strategy to deliver institutionally owned and managed residential supply.” Miltos Bosinis, CEO of H&H Development, added: “We are excited to be part of this investment initiative which proves that Dubai has become an international financial centre that attracts global investor’s interest from all over the world.” “As a reputable institutional developer, H&H will give Global Partners all the support they need to carry out their strategy and expand their footprint to create a bespoke portfolio of properties of the highest quality and standards.”
