Fidelity makes European property fund for NCB Capital

Fidelity International has created a European real estate investment vehicle for Saudi Arabian asset manager NCB Capital.

Under the mandate, Fidelity will invest up to $300 million in property in Germany, France, Benelux and the UK by employing leverage on $150 million of equity.

“Developing a strategy and flexible structure to meet the needs of NCB Capital’s client base has been at the heart of this project,” said Adrian Benedict, investment director real estate at Fidelity International.

The sharia-compliant investment vehicle will aim to buy properties such as offices, warehouses and shopping centres in lots of between $20-60 million.

NCB Capital, the largest Saudi asset manager by assets, is the investment bank and asset management division of Jeddah-based National Commercial Bank.

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