Real Estate Capital Group (Recap) has been launched in the UK to raise equity finance for the real estate industry from the Middle East and the US at a time that the industry is starved of bank lending.
Real Estate Capital Group (Recap) has been launched in the UK to raise equity finance for the real estate industry from the Middle East and the US at a time that the industry is starved of bank lending.
The company was established by property financier Perry Kurash and four partners. Kurash is the former managing director of dd2group, now rebranded as Bircroft Group. Since 1994, the Bircroft Group has arranged more than £10 bn (EUR11.6 bn) of property funding and £15 bn of insurance cover.
Kurash's former dd2 team, Martin Griffin and Paul McCutcheon along with Dean Main and Alain Charbit, have also joined him at Redcap.
The group will specialise in sourcing equity from the Middle East and the US for transactions throughout the world. 'We are extremely well-connected in the Middle East and have access to the highest net worth individuals, investment banks, sovereign wealth funds and even the royal families,' Kurash said in a statement.
Kurash said Recap has a lot of mandated business, typically schemes that involve $250 - $300 mln of equity. Deals that the team is working on include: two $200 mln fundraisings in China for UK clients with Chinese partners; a South African infrastructure fund looking for $400 mln; a EUR 100 mln Croatian resort fund; a $400 mln Indian infrastructure fund; and a distressed US asset fund looking for $250 mln outside the US.
