Mayfair announced the extension of deadline until 31st October to accommodate the strong demand from regional investors for its ‘Real Estate Musharakah Notes’ or REMNotes.

The fund was originally open for subscription until 31st August. The REMNotes has generated an annual return of 12 to 15 percent through leasing and rental income during the three-year tenure of the notes, pegged at $1 per share.

According to Mayfair Wealth Management CEO, Amani Choudhry, the demand for REMNotes shows the potential of this distressed property fund and its attractiveness among investors who appreciates its role during the current downturn in property market.

The fund has triggered interest across the region, both from individual and corporate investors, Choudhry said.

Mayfair however, did not reveal the amount generated from such capital-raising exercise so far.

The REMNotes are issued by the Mayfair affiliate, REMNotes Inc., which in turn will invest the funds in completed properties in UAE. The properties for investment will be as per the recommendation by E-valuations Chartered Surveyors, a Dubai-based valuation firm, certified by the Royal Institution of Chartered Surveyors and Mayfair International, a global UK-based property consultancy firm.

According to Choudhry, part of the proceeds so generated by the fund will be used to maintain few properties to be acquired to improve their appeal to long-term investors.

The fund is offering unique product, wherein undervalued properties will be acquired.

Choudhry said that the property fund will focus on acquiring readily-built units, rather than off-plan properties.

Posted on 27/9/2009

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