Business centre sold out
DUBAI: Dubai-based property developer Memon Investment has completely sold out its first commercial venture, the Cambridge Business Centre, weeks after it was launched.
The 80 million dirhams development is located in Dubai Silicon Oasis, and is set for completion in 2009.
Designed by the Adnan Saffarini Office, the development is based on classical British architecture. The 10-storey tower will house 108 small, medium and large offices, with facilities including Wi-Fi technology, keyless entry, mood lighting and a hi-speed internet connection amongst others.
Commercial tenants will have a choice of 11 retail shops, cafes and restaurants, banking facilities and a travel agency. In addition there will be a rooftop health club with communal swimming pool, steam and sauna, juice bar and separate gyms for men and women.
Monday, June 25, 2007
Saudi prince to bid for $190m hotel
Saudi prince to bid for $190m hotel
KUALA LUMPUR: Saudi Prince Alwaleed bin Talal is making a $190 million bid for a five-star hotel in a prime Kuala Lumpur location.
The prince is making a 650m ringgit bid for the Renaissance Kuala Lumpur Hotel, a joint venture between IGB Corporation and Hong Kong's New World Group, sources said.
Tan Boon Lee, chief executive officer of IGB's hotel division said several offers have been received.
"They are nowhere near what we want," he said.
Alwaleed said his Dubai-listed Kingdom Hotel Investments has a $1bn "war chest" and is looking to expand in Asia.
The Edge said Alwaleed bought the Four Seasons Resort Langkawi in northern Malaysia in March.
KUALA LUMPUR: Saudi Prince Alwaleed bin Talal is making a $190 million bid for a five-star hotel in a prime Kuala Lumpur location.
The prince is making a 650m ringgit bid for the Renaissance Kuala Lumpur Hotel, a joint venture between IGB Corporation and Hong Kong's New World Group, sources said.
Tan Boon Lee, chief executive officer of IGB's hotel division said several offers have been received.
"They are nowhere near what we want," he said.
Alwaleed said his Dubai-listed Kingdom Hotel Investments has a $1bn "war chest" and is looking to expand in Asia.
The Edge said Alwaleed bought the Four Seasons Resort Langkawi in northern Malaysia in March.
$8bn raised by Morgan Stanley
$8bn raised by Morgan Stanley
HONG KONG: Morgan Stanley has raised the biggest property fund ever, an $8 billion warchest aimed mainly at Asian markets including Japan, China and India.
The Morgan Stanley Real Estate Fund VI, supplemented with borrowing, would command spending power of more than $30bn, the US investment bank said.
The move heralds an emergence of giant global property funds, with US private equity firm Blackstone raising $10bn for real estate and Credit Suisse planning a $2.5bn fund.
Separately, Wall Street rival Goldman Sachs has raised a $4bn global property fund, a source familiar with the situation said yesterday.
Morgan Stanley has contributed 20 per cent of the fund's equity, with other US investors pouring in $5bn.
More than 60pc of the fund has been earmarked for Asia, a person familiar with the fund said, with about 30pc destined for Europe. The fund will also invest in other property markets Brazil and Mexico.
Aiming for gross annual returns of more than 20pc, Morgan Stanley has already committed 45pc of the fund's equity, including on the $2.4bn purchase in April of 12 hotels and two property management units from Japan's All Nippon Airways, around two-thirds of the Asia allocation will be spent in Japan.
HONG KONG: Morgan Stanley has raised the biggest property fund ever, an $8 billion warchest aimed mainly at Asian markets including Japan, China and India.
The Morgan Stanley Real Estate Fund VI, supplemented with borrowing, would command spending power of more than $30bn, the US investment bank said.
The move heralds an emergence of giant global property funds, with US private equity firm Blackstone raising $10bn for real estate and Credit Suisse planning a $2.5bn fund.
Separately, Wall Street rival Goldman Sachs has raised a $4bn global property fund, a source familiar with the situation said yesterday.
Morgan Stanley has contributed 20 per cent of the fund's equity, with other US investors pouring in $5bn.
More than 60pc of the fund has been earmarked for Asia, a person familiar with the fund said, with about 30pc destined for Europe. The fund will also invest in other property markets Brazil and Mexico.
Aiming for gross annual returns of more than 20pc, Morgan Stanley has already committed 45pc of the fund's equity, including on the $2.4bn purchase in April of 12 hotels and two property management units from Japan's All Nippon Airways, around two-thirds of the Asia allocation will be spent in Japan.
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