Sep 29 2008
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Dubai Group takes 51% share in Bahrain's Acacia Real Estate
Dubai Group made the $76.9 million (Dh282m) equity injection through its subsidiary, Dubai Ventures Group, to become the largest shareholder of Acacia . Dubai Ventures Group holds four seats on the company's board of directors.
The investment will provide the Group access to real estate deals, knowledge in structuring real estate financial products aimed at retail and institutional investors, as well as a network of partners across developed markets.
Abdulhakeem Kamkar, CEO, Dubai Ventures Group, said: "This is a strategic investment for Dubai Ventures Group as we seek to expand our real estate portfolio across the Mena region and other emerging markets. This strategic investment will strengthen synergies across both organisations in terms of exchange of expertise, market knowledge, and invaluable contacts in the real estate industry. We look forward to working with Acacia 's management and other shareholders to create a platform that will generate increasing returns and add value to our investments."
Founded in December 2006, Acacia invests in income-generating properties and select development projects in the US, the UK and Asia. It has assets under management worth more than $1.4bn.
The proceeds of Dubai Group 's capital increase will be used to expand Acacia 's portfolio to include real estate investments in emerging markets such as the GCC, Turkey, India, and South East Asia. It will also be used to capture attractive opportunistic deals in the US and UK.
Iqbal G Mamdani, member of the Executive Committee, Acacia 's Board of Directors said: "We're privileged to establish this link with Dubai Group that firmly places us on the path of sustained growth. We are confident Acacia 's well-established track record will enhance Dubai Ventures Group's portfolio."
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