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UAE-based The DICO Group, the private investment vehicle of Emirati real estate baron Hussain Sajwani, is eyeing more investment opportunities outside the Gulf.
The company that has recently acquired Italian fashion house Roberto Cavalli announced on Monday the appointment of Thierry Leleu as senior vice president for acquisitions.
The move is in line with the firm’s “effort to accelerate expansion opportunities, notably in Europe and the Americas”, the company said in a statement.
“Leleu’s new mandate is exploring possibilities for further acquisitions in other sector and notably of luxury brands for The DICO Group,” it added.
Sajwani, founder and chairman of the firm, and chairman of DAMAC Properties, said Leleu’s appointment will further strengthen their business in the Western markets.
The UAE-based businessman, whose net worth stood at $2.3 billion as of today, according to Forbes, established DICO in the early 1990s.
“The DICO Group has enjoyed international growth by selectively choosing expansion markets and sectors that have helped position it as a major regional and international business house,” Sajwani said.
“The success of our global projects outside our home country of Dubai in countries as far afield as Lebanon, Saudi Arabia and Canada clearly indicates the company’s ability to deliver the right product to the right market, and [Leleu’s] appointment will further strengthen our focus into the Western markets moving forward,” he added.
Leleu had previously served as chief investment officer of Cromwell European REIT, a Singaporean listed trust that invests in a diversified portfolio of income-producing real estate assets across Europe.
During his tenure, he was able to boost the company’s assets under management by 50 percent and outperformed IPO forecasts for eight consecutive quarters.
Leleu said he will be looking for opportunities to enhance DICO’s portfolio.
“I believe my strong record of accomplishments will add value to DAMAC and The DICO Group, which already has a number of significant acquisitions under its belt,” added Leleu.
DICO’s portfolio includes an island resort in the Maldives, luxury properties and other real estate developments under the DAMAC brand. The recent addition to the portfolio is Roberto Cavalli, which is now 100 percent owned by the group.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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