Dubai's Global Partners Closes USD 212M Build-To-Rent Property Fund

Dubai-based institutional fund manager Global Partners Limited has said it closed its USD 212M inaugural build-to-rent property fund in less than 12 months.

The fund witnessed participation from global investors, with 35% from North America, 37% from Europe, and 27% from the UAE.

With participation from H&H Development, the fund's property development partner, the fund will focus on Dubai's build-to-rent housing market with two projects on the Dubai Water Canal, which will use H&H Development's Eden House brand.

These two towers, which aim to address a market gap for wealthy renters in Dubai, will be called Eden House-The Canal, and Eden House-The Park, the company said in a statement.

Dubai residential market

According to CBRE’s Dubai Residential Market Snapshot, 90,881 residential transactions were registered in 2022, exceeding the historic high of 81,182 in 2009.

Average property prices rose by 9.5% in the year to December 2022, with average apartment prices rising by 9.0% and average villa prices by 12.8% over the same period.

Key background

Global Partners was founded by a group of global investors and family offices in the UAE to bring alternative investment opportunities in the country to a wider global investment audience.

The institutional fund manager is formally authorized as a regulated firm by the Dubai Financial Services Authority to conduct certain financial services in or from the Dubai International Financial Centre.

 

By
Amr Abdelhamid - Forbes Middle East Staff

Source: View Forbes Article