UNITED STATES - Capri Capital Partners has expanded its efforts to international real estate with its plans to develop a $2bn (€1.27bn) mixed-use project in Saudi Arabia.
Rehan Atiq is vice chairman and co-chief executive officer of Capri Global Capital. He said, "The economic fundamentals of Saudi Arabia are as strong as any world class emerging market. We are delighted to enter this part of the world through this very prestigious opportunity."
The project is located in the central business district of Saudi Arabia's new city, King Abdullah Economic City. When completed, KEBC will become the third largest city and the biggest seaport in Saudi Arabia.
The lead developer on the project is Chicago-based Prime Group.
The mixed-use project will include a combination of two five-star hotels, a convention centre/hotel, two office buildings, retail and two condo towers.
The plan is to put this development in a commingled fund for which Capri Capital will be raising capital shortly. The investors will be based in the US and Europe.
Capri Global Capital is a new entity of Capri Capital and will be the conduit for its global investments.
Other emerging markets that it will be looking at include Brazil, India and China.
Before the project in Saudi Arabia, Capri Capital only invested in the US. It created many debt and equity real estate investment products.
The real estate manager has worked with some of the largest pension funds in the US including Los Angeles County Employees Retirement Association, Los Angeles Fire & Police Pensions, New Jersey Division of Investment and Teacher Retirement System for the State of Illinois.
