The National Bank of Abu Dhabi (NBAD) is preparing to launch a fund with a European partner that will offer high-interest loans to European property companies that are struggling to secure funding because of the global squeeze on credit.
NBAD and Evans Randall, a British investment bank and private equity group, will initially invest about US$20 million (Dh73.4m) of their own capital to seed the new European Real Estate Mezzanine Opportunity Fund, said Shiraz Habib, the head of product development at NBAD’s investment banking group.
The fund would sell 80 per cent of its initial capital to investors, Mr Habib said.
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