Areit Management Limited, the manager of the Arabian Real Estate Investment Trust (Areit), has named Chris Purdon has its new chief investment officer (CIO).

“We are delighted that such an experienced real estate professional has agreed to join Areit. Chris brings invaluable experience and knowledge to Areit and will play an important role in the growth of the firm,” said chairman and independent director of Areit Robert McCuaig.

As Areit’s CIO, Purdon will be responsible for overseeing the fund managers’ investing operations across the Middle East and for the launch of new funds for 2009 which include a second Areit fund, a regional opportunity fund, and a Sharia compliant Saudi real estate fund.

“The addition of such a high profile real estate professional comes at a time of increasing momentum for the firm with the launch of new funds scheduled for 2009. Investors who committed to Areit’s first REIT in June 2006 have received distributions of eight per cent per annum and an IRR on their investment in excess of 50 per cent,” said CEO at Areit Stephen Atkinson.

Purdon has over 20 years of real estate and real estate funds management experience in developed and emerging markets, including New Zealand, Australia, the UAE, Syria, Saudi Arabia, Qatar, Bahrain, Singapore, Vietnam, Malaysia, Thailand, China and Hong Kong. – TradeArabia News Service