AL ISLAMI FAR EASTERN REAL ESTATE FUND (AIFEREF)

The Sharia compliant and Bermudan domiciled USD 450 million Al Islami Far Eastern Real Estate Fund was raised by SinoGulf and ARA Asset Management of Singapore in 2004.

Dubai Islamic Bank and Hong Kong listed Cheung Kong (Holdings) Limited were cornerstone investors. The fund invested in Singapore residential real estate. Exited in 2008, it achieved a net equity IRR of 23.7% before performance fees over three and half years.