BAHRAIN: Shariah
compliant investment firm Tadhamon Capital has completed an early exit and
liquidation of the Tadhamon Aviation Equipment Fund, the firm said in a
statement. Having structured the fund in 2012 to finance the purchase of
A330 Simulator of US$13.5 million, Tadhamon then leased it to Gulf Aviation
Academy (GAA), a subsidiary of Mumtalakat for a period of five years. GAA
ran the A330 Simulator, providing flight-training programs that attracted
many airlines in the region that consequentially enabled GAA to diversify
its sources of income.
According to Maisarh Yaseen, the director of treasury of the company, the
Tadhamon Aviation Equipment Fund was able to achieve attractive and stable
returns to investors within a 27-month period. “The early exit confirms the
success of our strategies and efforts to provide a variety of Shariah
compliant investment opportunities to our investors in all asset classes,”
he affirmed. The transaction also complements both GAA and Mumtalakat
Bahrain’s growth strategy that is in line with the Kingdom’s 2030 visions.
“The early exit has been able to demonstrate Tadhamon’s ability to achieve
the full investment cycle from origination to exit in various asset
classes. The exit comes after the [sic] Tadhamon’s restructuring process
last summer and now we are working on growing our asset under management to
venture into similar creative Islamic structured products,” explained Ahmed
Sultan, its CEO.
Tadhamon Capital, which was formed in 2008 as a wholly-owned subsidiary of
Tadhamon International Islamic Bank (whose majority shareholders include
Qatar Islamic Bank and Hayel Saeed Anam Group), recently sold its first
Central London student accommodation investment, which it managed to
achieve over 70% in return to investors over a period of less than three
years. The company subsequently entered into a joint venture arrangement to
develop a new student accommodation at the center of Kingston-Upon-Thames.
Valued in excess of GBP45 million (US$68.33 million), the 210-studio room
development is expected to realize over 15% internal rate of return over a
five-year investment period.
Setting its eyes on other markets Tadhamon also has a strong pipeline of
transactions, which are currently under evaluation. The firm seeks to build
its current portfolio assets across the GCC, the UK and Turkey while also
looking to expand into the US market and potentially parts of the MENA
region itself.
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