- KUWAIT: Kuwait Finance House, the country's biggest Islamic lender, has formed a partnership with Grosvenor Investment Management US (GIM) to invest up to $600 million in health care-related real estate.
"The partnership will target the acquisition and development of private-pay senior living facilities and medical office buildings in the US," KFH said in a statement on Tuesday.
"Investments will be made through the formation of equity joint ventures with local and regional operating and development partners," it added.
GIM is the North American subsidiary of London-based Grosvenor Fund Management.
KFH wants to increase global assets under management to about $4 billion in the next few years from $1.5 billion in 2010, with a focus on residential property, Ali Al-Ghannam, international real estate department manager, told Reuters last year.
Its real estate arm, which started operations in the 1990s, has investments primarily in key US cities, in Malaysia, Shenzhen in China, and in the Middle East. It sold property in the United States and Europe, including Britain, in 2005 and 2006 after prices shot up.