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The U.S. Commercial Properties Portfolio Fund
Dubai Islamic Bank’s U.S. Commercial Properties Portfolio Fund focused on generating regular income through investment in, and leasing of, commercial real estate in the United States. The fund further aimed at capital appreciation through sale of the properties at favorable prices. Capitalizing on the market opportunity, the properties were sold to realize capital gains and the Fund was closed in March 2005 with an IRR of 15.27% to investors.
Product Features
Investment Universe: The Fund invested in five prime real estate properties in New Jersey and Missouri. For diversification, a spread of geographical locations was maintained.
Fund Type: Closed-ended Fund
Fund Launch Date: October 2003
Fund Closing Date: March 2005
Investment Details
Total Portfolio Value: US$ 121.3 million
Total Equity Offering
(Fund Size): US$ 30 million
Minimum Investment: US$ 100,000 per investor
Holding Period: 4 years
Expected Return: 7.40% p.a. distributed semi-annually
Expected IRR: 10%
Actual IRR: 15.27%
Base Currency: US Dollars
Investment Managers
Fund Manager: Dubai Islamic Bank PJSC, Dubai.
Investment Manager: UBS Noriba, Bahrain.
Administrator: UBS (Cayman) Ltd.
Sharia Advisor: Dubai Islamic Bank PJSC, Dubai , UBS Noriba, Bahrain