- March 9, 2009, 12:53 pm
Cirrus Developments LLC, is set to launch an opportunity fund to acquire distressed and income-producing real estate and hospitality assets or companies, in the region as well as in the UK and the US.
The fund is to take advantage of the vast opportunities in the respective sectors due to the economic downturn and liquidity crises. The fund is being set to acquire a number of distressed assets locally while at the same time is closely looking at companies outside the region, particularly ones hit by the economic slowdown while still possessing prime real estate assets. There is a great appetite from a certain class of investors that have profited from the Dubai real estate boom and who are now looking to invest their funds in the slowing property sectors of the United States and the UK.
Behnam Eshragh (CEO) said: ‘We believe that with our in house development expertise and reach in the market we are strategically placed to find, acquire, and manage distressed assets locally and internationally. Despite the current price correction, Dubai continues to be unique in offering attractive opportunities and standards of living unrivaled in the region and would therefore always attract demand and investments.’
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