- Fund invested in a prime real-estate development in St John’s Wood, London
- Fund achieved 22% net returns to investors, surpassing initial return expectations
- Demonstrative of QInvest’s strategy to provide investors with compelling real-estate opportunities in international markets
QInvest, Qatar’s leading Islamic investment bank and one of the region’s prominent Islamic financial institutions, today announces exiting the St. Edmund’s Terrace LP Fund (the “Fund”). The Fund, which was structured in a Sharia’a compliant manner, was jointly owned by QInvest and a range of GCC institutional and retail investors. It invested £50 million into developing a new, prime residential project through a real estate development company.
The Fund was created to provide investors with the opportunity to invest in London’s prime residential market. At completion, the Fund generated 22% net returns to investors, which is in excess of initial projected returns in the Fund’s Private Placement Memorandum (“PPM”).
The project, 50 St. Edmund’s Terrace, is located in the heart of London’s affluent neighborhood, St John’s Wood, to the North of Regent’s Park and adjacent to Primrose Hill. The project completed in June 2015 and comprises of 3 residential blocks and 37 units. It delivered an average selling price in excess of £2,600 per square foot, largely due to the quality of the development and amenities, which have set a new benchmark in the area.
Tamim Hamad Al-Kawari, Chief Executive Officer of QInvest, said:
“We are very pleased with the performance of the Fund. QInvest has a successful track record in providing investors with access to investments in international markets offering above-market risk-adjusted returns. We identify investment opportunities in these markets, structure efficient investment solutions, and execute, doing so whilst taking a long-term investment view. The beautifully designed real estate asset we leave behind upon exiting this Fund is testament to our investment approach and philosophy. We look forward to returning to the market with similar investment opportunities in the near future.”
Craig Cowie, Head of Real Estate at QInvest, added:
“This Fund demonstrates the strong structuring and execution capabilities of our team. The returns it generated to our investors have exceeded expectations, and the project has not only positively impacted the neighborhood, but also added a notable asset to the luxury real estate market in London. Our team continues to invest in additional projects and we have subsequently closed on a number of high profile real-estate transactions including, One Wall Street in Manhattan (NYC, US), the purchase of a yielding German retail portfolio, and multifamily assets in the US.”
About St. Edmund’s Terrance “The Project”:
Address
50 St. Edmund’s Terrace, NW8, London, UK
Saleable Square Footage
84,000
Units
37 units (36 apartments and a single townhouse)
Facilities
- Spa
- Pool
- Gym
- 24-hr concierge and security services
- Underground parking
Gross Development Value
£219 million
Project Website
http://50stedmundsterrace.com/