Moore Management (Guernsey) has assisted KFH Capital, the main investment arm of Kuwait Finance House Bank (“KFH”), with the launch of its latest fund structure: UK Real Estate Fund LP.
The fund is the first of a number of structures to be established in Guernsey and plans to raise £65 million in initial commitments, with the investor base consisting primarily of KFH’s private client network based in Kuwait.
KFH Capital wanted to provide UK real estate exposure for their clients and establish a Sharia compliant fund structure that would generate both regular income and capital growth through indirect investment in real estate assets.
The fund was set up as a Guernsey closed-ended registered fund (Limited Partnership) with corresponding licensed management company (General Partner). A number of underlying special purpose vehicles (SPVs) have and will be established as property companies and/or holding companies to allow for a more efficient acquisition and disposal of properties.
The Moore team was led by Andrew Maiden, who commented:
“Moore Management is delighted to have been selected by KFH Capital to administer their latest UK focussed real estate fund, highlighting our capability to provide a bespoke client solution thus enabling them to efficiently complete real estate transactions for the funds.”
Saleh Al Khamees, Head of KFH Capital Real Estate Division, said:
“We selected Moore Management to provide a full administration service to our Guernsey fund structures as they were able to demonstrate a complete understanding of our needs, providing real estate expertise and a thorough understanding of our GCC client base.”