Acacia Real Estate Limited said it has acquired a 26 per cent stake in a retail development mall in Delhi through a joint venture with Anant Raj Group, a publicly-listed company with a market capitalization of $1.2 billion.
A specialised real estate investment company with focus on income generating and development projects, Acacia, was established through a spin-off of real estate business of Bahrain-based Taib Bank.
The deal has been structured in a Shariah-compliant manner. The project is expected to generate a return on equity for investors of 83 per cent over a 3.5 year holding period.
Bahrain-based Taib Bank has been appointed as the exclusive placement agent for the project.
The $220 million retail mall development will consist of 600,000 sq ft of retail space upon completion.
More : tradearabia.com
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