Dubai’s neo capital implements $73m JV acquisition of property in US
UAE – Mubasher: neo capital, based in Dubai International Financial Centre (DIFC), has secured a joint venture (JV) acquisition of Harbor Landing at a total value of $73 million (AED 268 million) to promote its global asset portfolio in the US.
Implemented in partnership with Monday Properties, the acquisition of five-storey Harbor Landing, a 95% leased Class A multi-family asset in Stamford in Connecticut, aims to enable investors in the UAE and Gulf region to diversify their investment portfolios in a high growth market, according to a press release on Tuesday.
This step follows the major acquisitions of neo capital, an independent advisory and asset management company, in Arlington Virginia and the Netherlands in 2020.
The Head of Real Estate Investments at neo capital, Deborah Watt, said: “The property was acquired at a very competitive rate per square foot given prevailing real estate prices in the area and is another example of our commitment to provide sound investment options with significant potential for investors looking to accumulate long-term wealth through diversified portfolios.”
In the meantime, the Executive Vice President of Investments at Monday Properties, Adam Carr, commented: “The property has Class A finishes and amenities and provides access to a competitive, growing market that has survived and thrived during COVID-19.”
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