National Bank of Abu Dhabi (NBAD) unveiled plans yesterday to launch a fund focusing on the UAE's property market with a fundraising target of around Dh1 billion.
NBAD, the UAE's second largest lender by assets, also launched a new investment management arm based in the Dubai Financial Centre (DIFC).
Senior officials outlined their proposals to take the real estate fund public via an initial public offering (IPO) within the next two years, creating the region's first listed real estate investment trust (REIT) in the process. NBAD and its partner in the fund venture, Gulf Investment Corporation, are each contributing Dh50 million in seed money to the fund, which officials hope will deliver double digit annual returns.
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