Retains Ernst &Young to conduct feasibility study on pricing and other details
Dubai, UAE: In a first-of-its-kind initiative, Pegasus Realty LLC. , the Dubai-based new realty firm formed in August 2004, today announced its plans to launch an exclusive Real Estate fund. Pegasus also announced that it had retained Ernst & Young as its advisors to conduct a feasibility study to determine the pricing, exact nature of the fund and other details.
Announcing the broad details of the proposed fund, Mr. Imtiaz Panjwani, Managing Director, Pegasus Realty LLC, said that the US $25 million fund targeted exclusively at the real estate market would have a tenure of approximately 5 years. Individual investors from the UAE, the GCC and abroad, planning to invest in the fund would be able to do so with a minimum individual subscription of US $250,000. The proposed assured rate of return for the fund would be in the range of 10 to 15 per cent per annum.
"The fund is aimed at individual investors looking at diversifying their investment portfolio in the real estate space by spreading their risks. We realized that there was a huge need for a focused real estate fund and Pegasus with its existing portfolio of over 220 properties in leading real estate communities in the UAE is ideally suited for this initiative," Mr. Panjwani said.
"We would be approaching the concerned authorities for clearance immediately after Ernst & Young completes its feasibility study and submits its recommendations. We expect the feasibility study to be concluded within the next two months," he further said.
With a corporate positioning of - `Converting Dreams to Reality'- Pegasus, envisages offering investors a one-stop-shop for transparent deals, thus eliminating the burden of going through multiple brokers. Pegasus Realty is reputed for its straight-up deals in the local property market offering unprecedented competitive.
Apart from the array of properties the company has in its portfolio, Pegasus also has direct acquisition rights to blue-chip properties enabling it to be versatile in transactions. Pegasus Realty LLC owns properties in leading real estate communities like Emaar, Nakheel and Jumeirah Beach Residence, apart from most private developments within these communities.
Apart from the property portfolio owned by Pegasus Realty LLC, the company can also directly acquire a new property straight from the developer at competitive rates if a potential investor needs, thanks to its reputation in the market place.
The real estate company has also its own sister brokerage company through which the investments are routed. Pegasus USP is to ensure that the acquisition of a property is a hassle-free exercise. Its business model rests on single layer transaction so as to avoid investor confusion during the property acquisition process.
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© Press Release 2005
