IBC to acquire $5bn worth holiday homes in Dubai
IBC Group plans to acquire 10,000 premier properites in Dubai, to furnish and manage as holiday homes. UAE based company has contracted Berkshire Hathaway HomeServices Gulf Properties on an exclusive basis to play an advisory brokerage role to assist in identifying, acquiring and financing the properties.
The company said in statement: “The deal is valued at $5 billion, with a possible scale up to acquiring 1 million properties in over 100 cities across the globe.”
Operating in the UAE since 2014, the IBC Group has focused on private equity investment in real estate, arts and future technologies.
The group is backed by global banking and finance leader Khurram Shroff, who is also the co-founder of The Gallery Suites Vacation Rentals, a worldwide short-term rental management firm, which focuses on providing specialised services to property investors, homeowners, and Airbnb hosts.
With this strategic partnership with BHHS for leveraging their expertise, IBC Group aims to become a key influencer in building the confidence in the Real Estate industry across the Middle East.
The properties to be acquired will be financed via an islamic sinance vehicle known as “Sukuk”, a Sharia-compliant bond, to the tune of $1 trillion.
Shroff said: “We believe in interfaith harmony and cater to all beliefs.For the Muslim traveller, providing Sharia-compliant vacation homes with standardised Qibla direction and prayer mats in each of our apartments will enhance our offerings in this sector.”
“This partnership represents the coming together of organisations that each bring specific strengths to the table, which will ensure the delivery of the highest possible standards of services and facilities in the Dubai short-term accommodation market,” Shroff added.
Fulya Altunyay/[email protected]