Kuwait Financial Centre "Markaz" (KSE: Markaz, Reuters: MARKZ.KW, Bloomberg: MARKAZ: KK) announced obtaining final approval from Kuwait Investment Authority (KIA) to manage part of its National Real Estate Portfolio which invests in Kuwait's real estate market.
Markaz said that it signed a contract with KIA to establish and manage a portfolio of real estate investments with a maximum value of KD 250 million for the period of 10 years, representing 28.6% of Markaz AUM as of September 30, 2012. Fees impact on profits could not be estimated as they are decided based on the actual amount invested and the portfolio's actual returns which will be paid quarterly in the coming years.
Markaz real estate portfolio management activities includes value-added services and aims to achieve rewarding returns by increasing economic and operational efficiency of commercial and investment real estates. Markaz also manages investments for individuals, companies and public institutions and has an extensive experience in establishing and managing portfolios.
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