Bullion on Monday posted its worst day in over four weeks
markets8 hours ago
Mayfair said the deadline will be extended up to October 31 to accommodate the strong demand from regional investors for its ‘Real Estate Musharakah Notes’ or REMNotes.
The fund was originally open for subscription until August 31. The REMNotes is seen churning an annual return of 12 to 15 per cent through leasing and rental income throughout the three-year tenure of the notes which are pegged at
$1 per share.
“The huge demand for REMNotes is a testament to the potential of this distressed property fund and its attractiveness among investors who appreciate the way it leverages the current downtrend in the property market,” said Amani Choudhry, Chief Executive Officer of Mayfair Wealth Management. Choudry said the fund has spawned interest across the region, both from individual and corporate investors.
Mayfair however, did not disclose how much has been generated from the capital-raising exercise so far.
“The region-wide response to REMNotes, especially from Bahrain and the UAE, has been encouraging,” added Choudhry.
The REMnotes are being issued by Mayfair affiliate REMNotes Inc (BVI), which will invest the funds raised 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.
In a previous interview with Khaleej Times, Choudry said part of the proceeds generated by the fund will be used to spruce up some of the properties to be acquired to enhance their appeal to long-term investors. “The fund is offering a unique product wherein undervalued properties will be acquired. We have identified a significant opportunity that stems from the slowdown in the UAE property market — one that will breathe new life to undervalued but potential-laded projects in the country,” said Choudry.
She said the property fund will be focusing on acquiring ready-built units, rather than on
off-plan properties.
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