A Kuwaiti property investment company said on Monday it had formed a joint venture with a group of investors with the aim of acquiring property in the US and Europe.

In a statement on the local stock market, the Kuwait Real Estate Company said it has paid nearly $16.6 million for its share in the joint venture, accounting for around 33 percent of the venture’s capital.

“We would like to announce that the Company has entered a joint venture with some investors...the aim of this partnership is to acquire some strategic real estate assets in the US and European markets,” the company said.

The firm did not identify those investors but said it would pay its share in the venture in the third and fourth quarters of 2023.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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