Trowers & Hamlins

Trowers & Hamlins, the International law firm, has advised Global Investment House (GIH), the Kuwaiti investment bank, on the launch of their Global GCC Real Estate Fund II, a US $500m Sharia compliant real estate fund.

Trowers & Hamlins advised on structuring, establishing and registering the fund in Bahrain with the Central Bank of Bahrain. Advice was provided by Partner Neale Downes, assisted by Jeremy Ingham and Tala Saidi.

The fund will provide the opportunity for regional and international investors to tap into the flourishing real estate sector in the GCC, as well as diversify their portfolios away from the energy sector.

The fund follows on from the success of GIH’s first Gulf property fund, Global GCC Real Estate Fund I, which Trowers & Hamlins acted as advisers to in 2006. Global GCC Real Estate Fund I received an excellent response from investors and was fully invested well within the prescribed time.

Says Neale Downes, Partner at Trowers & Hamlins in Bahrain: "We were delighted to be chosen once again to advise GIH in the establishment of another Sharia compliant fund."

"The appetite for a second fund demonstrates that confidence in the long-term performance of the GCC real estate market remains high amongst regional and international investors."

"The region’s property market has become increasingly liquid in recent years as restrictions on foreign ownership have been relaxed throughout the GCC, which has attracted more overseas investment."

This is the third Sharia compliant fund that Trowers & Hamlins has advised GIH on, having also worked on their Global MENA Ijarah Fund in 2007.