SICO, Trucial in US$50 million realty fund deal

Manama : Securities & Investment Company (SICO) has entered into a partnership with Trucial Investment Partners for the SICO Trucial US Real Estate Income Fund which has a target size of US$50 million. 

The fund due to be launched in the second quarter of 2017 will be co-seeded and co-managed by Sico and Trucial, which is a specialist asset management and advisory firm based in the Dubai International Finance Centre. 

The partnership deal was signed by SICO Chief Executive Najla Al Shirawi and Trucial Managing Partner Maissan Al Maskati. 

Commenting on the deal, Najla Al Shirawi said: “Following the successful IPO of Bahrain’s first real estate investment trust (REIT) with SICO acting as the REIT’s Co-Investment Manager, we are delighted to announce our partnership with Trucial Investment Partners on our maiden foray into the US real estate sector.”

The unleveraged, Sharia-compliant fund will focus on income-generating residential multi-family and single-family properties in attractive conurbations outside major US ‘gateway’ cities, which have growing populations, high yields and rising capital values. 

According to Maissan Al Maskati: “With the experience and track record of investing in the US real estate market, Trucial Investment Partners have designed a proven strategy focused on specific real estate and geographic segments within the United States, thereby allowing us to deliver superior yields and returns to our investors. Through our North American platform, Trucial USA, we also offer a local capability to execute and support this strategy.”