Bahrain’s Securities & Investment Company (Sico) has entered into a strategic partnership with Dubai-based Trucial Investment Partners, an asset management and advisory to manage a US real estate fund.

The partnership was signed by Sico chief executive Najla Al Shirawi and Trucial managing partner Maissan Al Maskati.

Under this partnership, the two institutions will co-seed and co-manage the planned Sico Trucial US Real Estate Income Fund, which is due to be launched during the second quarter of 2017.

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.

“This marks an important milestone in Sico’s strategic evolution, providing our clients with unique alternative investment opportunities, as well as adding new products through which we aim to diversify our revenue streams and enhance recurring income.”

Al Maskati said: “We are excited about our partnership with Sico and look forward to working together. 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.”

The unleveraged, Sharia-compliant Sico Trucial US Real Estate Income Fund, which has a target size of $ 50 million, 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. Smaller ticket real estate acquisitions will result in higher diversification of assets across a larger number of locations. – TradeArabia News Service