Al Islamic Far Eastern Real Estate Fund

Established2004TypeClosed-end Shariah-compliant fundCommitted CapitalUS$64.3 millionInvestment StrategyOpportunisticAsset ClassResidentialMarketSingapore

OVERVIEW

ABOUT The Al Islamic Far Eastern Real Estate Fund (AIFEREF), an unlisted closed-end fund managed in compliance with Shariah principles, was the first private real estate fund to be established by ARA in 2004. With the Cheung Kong Group and the Dubai Islamic Bank as investors, the fund invested in a suburban residential project in Singapore.
STATUS Fully divested.
HIGHLIGHTS AIFEREF was successfully realized in 2007 with an unleveraged IRR of 24%.