Deyaar postpones Dh500m property fund's closure

Deyaar postpones Dh500m property fund's closure. (EB FILE)

Deyaar Development has delayed the closing of its Dh500 million property opportunities fund to the second quarter of 2010 after foreign investors opted out from their commitments, the company CEO revealed yesterday.

"Last year was tough because of the continuing challenges in the global financial sector. We could not close the fund since foreign investors opted out from their commitment," Markus Giebel, CEO, Deyaar Development, told Emirates Business.

"Our capital raising efforts are ongoing but we are taking a fresh approach; testing the market, as we believe the markets will ease in 2010. We expect to close our fund by the second quarter."

In October 2009, the developer said it had hard commitments of Dh250 million and soft commitments of Dh200m.

 

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