Senior housing fund: Gulf Islamic Investments to set up $590mln platform in German JV

The Shariah-compliant platform will focus on European senior living real estate opportunities

Islamic finance. Image used for illustrative purpose.

Islamic finance. Image used for illustrative purpose.

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UAE-based shariah-compliant financial services firm, Gulf Islamic Investments (GII) and German asset manager Capital Bay Group on Monday announced a joint venture to set up an investment platform with an initial EUR500 million ($590 million) offering.

The Luxembourg-regulated platform for shariah-compliant investments will launch in September this year and will be focused on European senior living real estate opportunities, the companies said in a statement.

The platform’s debut offering is slated for a first closing in Q4 2021, funded by both debt and equity. Capital Bay, with assets under management (AUM) of over $7 billion and GII, with an AUM of over $2 billion, will be jointly responsible for all aspects of the platform--including the investment strategy, portfolio, and asset management.

(Writing by Brinda Darasha; editing by Seban Scaria)

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© ZAWYA 2021

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