Areit Management, the manager of the Arabian Real Estate Investment Trust (Areit), yesterday said Chris Purdon has been apppointed the chief investment officer, as the company gears to launch new funds this year.
Purdon will be responsible for overseeing the fund manager's 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 Shariah-compliant Saudi real estate fund, a statement said.
"Investors who committed to Areit's first Reit in June 2006 have received distributions of eight per cent per annum and an internal rate of return on their investment in excess of 50 per cent. We intend to launch new funds in 2009 and Chris will play a key role in the firm's growth," said Areit Chief Executive Stephen Atkinson.
Prior to joining Areit, Purdon was the chief executive of Landmark Real Estate Investment Management, the manager of two Middle East-focused real estate opportunity funds based in Dubai.