Kuwait's Markaz exits Lebanon project; distributes $6mln to fund investors

The total profit of the project is estimated to be 25%

  
Lights Of Kuwait City Image used for illustrative purpose.

Lights Of Kuwait City Image used for illustrative purpose.

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Kuwait Financial Centre (Markaz) has exited a development in Clemenceau Residence, Lebanon and announced a $6 million partial distribution of profits to investors in Markaz Real Estate Opportunities Fund (MREOF).

Clemenceau Residence represents the largest investment of MREOF. According to Markaz, the total profit of the project is estimated to be 25 percent. “With this distribution, the fund has now returned to the investors all of their capital with a return on investment of approximately 6 percent,” Markaz said in a press release. 

“Our real estate products have seen sustained demand as a result of our strong focus on prudent quality investments that are delivered with due diligence, timely acquisitions, and world-class execution,” Bassam N. Al Othman, Executive Vice President, MENA Real Estate at Markaz said.

Markaz is an asset management and investment banking institution in the MENA region, listed on Boursa Kuwait, with total assets under management of over 1.03 billion Kuwaiti dinars ($3.33 billion) as of June 30, 2020.

MREOF was launched in 2007. The fund manages real estate investments in the region with a total value of more than $1 billion as of June 30, 2020.

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

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© ZAWYA 2020

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