New Star Asset Management and Emirates NBD have launched a Shari'ah-compliant version of the New Star International Property fund for the Gulf market.
The Emirates Islamic Global Property fund will focus on the continental European and Asia Pacific property markets and will use an Islamic certificate linked to a reference real estate index to derive its returns. It will reflect the performance of New Star’s mostly bricks-and-mortar fund, managed by Stuart Webster.
There are two share classes available at launch – an institutional class with a minimum investment of US$1m and a sophisticated investor class with a minimum investment of US$25,000. Annual management charges are 1.25% and 1.5% respectively.
Commenting on the launch, David Marshall, head of product development at Emirates Investment Services, said: “This fund is believed to be a ‘first’ in terms of its offering daily liquidity and Shari’ah-compliant exposure to direct property assets, while focusing on European and Asian direct commercial property. Investors in the GCC countries are demonstrating the importance of Shari’ah-compliant investment opportunities and the performance of the New Star International Property fund led to our decision to partner with New Star.”
In a separate development, New Star has also launched a new website for the Italian market. The site, www.newstaram.com/italia, will feature information on New Star’s range of funds for sale in Italy, as well as news and fund manager interviews.
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