Real Estate Portfolio

In 2009, the Firm started its investment in Sarajevo City Centre project which is located in the City of Sarajevo, Bosnia, and Herzegovina. Sarajevo City Center is a prime property located next to the Parliament Building. The multi-purpose complex has been developed on a total gross area of 117,793 square meter and comprises of shopping mall operating successfully at 94% occupancy.

Office Tower opened in 2017 and occupancy steadily reaching 84% and a five-star hotel opened in 2018 managed by Swissotel.

In 2005, the Firm established a real estate fund successfully acquiring five income generating properties for total purchase price of BD 14 million (US$ 37.1 Million). Consistent with the Fund’s investment objective, it acquired five income generating properties i.e. offices, retail, and residential. During the holding period, the Fund distributed a dividend of 10% per annum.

In 2009, the Fund was fully exited achieving an Internal Rate of Return (IRR) of 9% per annum.

In December 2006, the Firm completed the acquisition of 90% equity stake in the portfolio comprising five office buildings located in the capital Paris, and a warehouse in Saint-Quentin-Fallavier, in the vicinity of Lyon. The key rationale underpinning the investment at the time of acquisition was the strong demand for office space in the French commercial property market, particularly the key commercial hub. The remaining 10% stake was acquired by Inovalis, the asset management company situated in Paris, France.

The properties were sold between the years 2015 – 2019.

In 2007, the Firm acquired 94.9% stake in a high quality portfolio of three buildings located approximately three kilometers southeast of Munich City Center in district of Ramersdorf, Germany. The buildings were known as Simar 2 and Simar 3. The remaining 5.1% stake was acquired by Inovalis, the asset management company situated in Paris, France.

In 2015, the Firm exited from the investment.

In 2005, the Firm acquired a landmark commercial property, 33 Grosvenor Place, London, valued at £ 154.3 million (US$ 305.4 Million) occupying a prime site in the prestigious Belgravia area of London. The property comprised one building with six levels (ground floor to fifth floor) in addition to lower ground, mezzanine, basement levels and underground parking space. The property was of excellent quality, in a prime location, and was one of the very few properties in London overlooking the garden of Buckingham Palace.

In December 2006, the property was sold for £ 225 million (US$ 409 Million) resulting in a total investor return of 98% in a 17-month holding period.

In 2005, the Firm acquired 50% stake in “One Business Bay Ltd”, the Company developing a 30 story high end office tower in the Business Bay district in Dubai, in partnership with the Dubai based Omniyat Group.

In 2006, 11 months since the acquisition, the Firm achieved a profitable exit by selling its 50% stake resulting in an attractive Internal Rate of Return (IRR) of 25%.

In 2007, the Firm acquired 66.7% stake in United Friends Company which was established to develop two plots of land in Danat Abu Dhabi, UAE.

In 2021, the Firm exited the investment.