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Article: Kuwait Finance, UDR to set up U.S. property JV.
- Article from:
- Khaleej Times (Dubai, United Arab Emirates)
- Article date:
- August 18, 2009
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Summary: DUBAI/KUWAIT - Islamic lender Kuwait Finance House (KFH) is tying up with United States apartment building owner UDR Inc to buy high income property in the United States to tap lower asset prices.
"The joint venture will seek to acquire high income residential real estate in major cities in the United States with total investments of up to $450 million," Kuwait Finance said in a statement on Saturday.
Gulf Arab investors have been holding on to funds for months after the region was caught up in the global liquidity freeze late last year, but are now buying into Western real estate again to benefit from lower valuations.
KFH said it was ...