BRAZIL: TFI-Hines Brazil Income Real Estate Fund, jointly managed by Barwa Bank subsidiary The First Investor and US-based Hines International Real Estate Holdings, purchased its first seed acquisition by investing in the World Trade Center complex in the city of Sao Paulo.
Barwa Bank and Hines International are the fund’s cornerstone investors.
Launched in March this year, the fund is Brazil’s first Shariah compliant closed-ended income generating fund. The fund has a target size of US$500 million and is expected to achieve a net leveraged internal rate of return of between 10.5-12.5%; and targets an average annualized yield of 8%.