May 13 2007 |
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$250m Maghreb Siyaha Fund launched by BMCE
DUBAI -- BMCE Capital , the investment banking subsidiary of BMCE Bank, the second largest private bank in Morocco, yesterday unveiled an opportunity for leading UAE based institutions and individual investors to partner with leading Moroccan entities as a first step into successful investments in Morocco and the rest of the Maghreb region.The Maghreb Siyaha Fund offers a variety of investment opportunities managed by multi-discipline fund managers and experienced board of directors that have access to a network of deal flows, multifaceted expertise, financial products and off market transactions.
The fund is close ended and upon closing will be endowed with $250 million in equity, enabling it to potentially accumulate more than a $600 million asset base constructed from the over $300 million of current deal flow that are being negotiated for early closing. Primary targets for development are gated communities, with a 20 per cent allocation target from the final fund; however greenfield developments, apartment hotels, new hotels and secondary homes are each slated to receive between 15 per cent and 20 per cent of the fund. The first closing of the fund will be achieved in June 2007.
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