A US fund targeting distressed property in American cities has generated almost half of its US$100 million (Dh367.3m) in commitments from Gulf investors.
Tate Capital Real Estate Solutions, a US-based property firm, plans to acquire apartment buildings for a deep discount after a year that saw foreclosure proceedings started against about 3.9 million homeowners in the country.
About 45 per cent of the money that has so far been deployed by the fund originates from Gulf investors, according to Mark Desario, the chief executive of LRIM Investment Management, a private equity research firm in Dubai.
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