Doha: Investment House, one of the leading Shariah-compliant investment banks and asset managers in Qatar, has announced the successful closing of its fourth Global Wakala Trust Program with Inovalis, as manager.
Investment House and Inovalis have previously closed three series of the Wakala Trust Certificates with proceeds being invested in Paris and Malaga. The equity invested in the Global Wakala Trust Program, is currently around €40m. The Program is managed by Inovalis that has achieved an 8 percent annual return with 5 years holding period investing in income generating office buildings in Germany, France and Spain.
Inovalis acquired EurocomSur, an office building of 7,000 m2 of office space, in the heart of the business district of Malaga. Three consulates (Kingdom of Saudi Arabia, the United Kingdom and Germany) and the Government of Andalusia have offices in EurocomSur. The building comprises 7 floors of lettable area and 79 parking spaces.
“Our partnership with Inovalis reflects a winning combination between our capacity to raise funds and provide a diversification to our clients to a well thought and diligent investment process provided by Inovalis. We are delighted to see such positive deal activity during this period of time. We look forward to continuing to work with Inovalis on future transactions. This is in line with our strategy to provide investors with solid income generating assets class delivering superior returns with adjusted risk,” stated Vice-President – Business Development Khalifa bin Khalid Al Sowaidi.
Allen Merhej, Managing Director of Inovalis Rep Office in the GCC, added: “We value the relationship with Investment House and we aim to continue in selecting attractive assets in France, Germany and Spain that meet our partners’ financials targets. The Wakala Trust Program has been a success with our partners’’.
Established in 2001, Investment House is a regulated investment company operating under the umbrella of the Qatar Central Bank, in accordance with the Shariah principles. Investment House offers Investment Banking, Asset Management and Wealth Management services and products designed for individuals and institutional investors.
Founded in 1998, Inovalis is an integrated real estate services group. Specialised in the creation of real estate and financial investment funds, active in particular European markets, it operates in a logic of yield generation and value creation on behalf of public and private investors. The group currently has 12 million square meters under management worldwide, representing €7bn of real estate and financial assets under management.
