MANAMA: Saudi-based Arbah Capital has exited a £27 million mezzanine facility provided in May 2018 to the Regent Crescent high-end residential development in Prime Central London, with an internal rate of return (IRR) of 10 per cent.

The development comprises 76 residential units facing Regent’s Park in London.

It is the rebuild of an 1800s Grade 1 listed building designed by John Nash, who was the architect of Buckingham Palace.

Commenting on the exit, Arbah Capital chief executive Mahmood Al Kooheji said, “Arbah Capital has delivered on expectations with its successful exit from the Regent Crescent project, and subsequent carefully selected investments both in the UK and USA which include a $36m investment into the development of a senior care facility in Florida, USA, which remains on track to be delivered in the summer of 2021, and a $43m acquisition of an industrial portfolio across the US mid-West.”

Mr Al Kooheji added, “We are very proud to have made an exit from an international investment which underlines the strength of our investment thesis and analysis, and execution capability. I would like to thank our lawyers, King and Spalding, the senior financier, Bank ABC, and Fortress Bank who joined as a mezzanine partner after our investment, as well as equity partners led by Rassmal Investments chief executive Nasser Al Shawaf.”

On future plans, he said, “We are currently working to acquire a core social infrastructure asset in the US, eyeing an income producing product in a defensive sector, introducing purpose-built student housing in Saudi Arabia, and looking to launch a product in the trade finance sector. We believe these products are innovative and in defensive areas, which will provide investors with a degree of stability and comfort, at a time of such great volatility in other markets.”

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