Partial exit of Porta Reef Fund by Adih

Abu Dhabi Investment House (Adih) yesterday announced partial exit of its Shariah-compliant Porta Reef Fund, which funded the purchase, development and full entitlements of three 10-storey residential towers located on Reef Island, Kingdom of Bahrain.

Fawaz Ali Al Jowder, CEO of Adih, said: "During the current tough global economic environment, the Adih team continues to diligently work on safeguarding investors' interest, especially when invested in Adih funds.

"The partial exit of Porta Reef demonstrates Adih's commitment despite the general slowdown in the regional real estate market in the first three quarters of 2009, which is expected to continue in the short term.

"However, the prime location of Porta Reef within the high-end Reef Island and its proximity to major attractions continues to position it as an attractive residential property to both investors and future residents."

The project generated significant interest in the local and GCC markets which was translated into sales that reached almost 80 per cent.

Adih on Tuesday announced its exit from its Beirut Gate Fund. It previously exited from the Lagoon Fund with a return on investment of 30 per cent and a two-year early exit from Al Arabi Private Equity Fund at a 20.2 per cent IRR, above the projected figure.

 

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