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Sun, Nov 24, 2024 | Jumada al-Awwal 23, 1446 | DXB
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Mayfair Launches $50m Distressed Property Fund
DUBAI — Cayman Islands-based wealth management company Mayfair Wealth Management, has launched a $50m Shariah-compliant distressed property fund that seeks to acquire cheap properties in the UAE’s faltering real estate sector.
The property fund, named as ‘Real Estate Musharakah Notes’ (REMNotes), is seen churning an annual return of 12 to 15pc through leasing and rental income throughout the three-year tenure of the notes which are pegged at $1 per share. The fund is open for subscription until August 31.
REMNotes will be issued by Mayfair affiliate, REMNotes Inc (BVI), which will invest in completed properties in the UAE.
The properties to be invested in will be those recommended by E-valuations Chartered Surveyors, a Dubai-based valuation firm certified by the Royal Institution of Chartered Surveyors and Mayfair International, a global property consultancy firm based in the United Kingdom.
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